Madoff Victims To Get Another $349M

Mar 26 2014 | 10:10am ET

A day after five former employees of Bernard Madoff were convicted of aiding and abetting his $65 billion Ponzi scheme, the man charged with unraveling it has more good news for victims.

Irving Picard, the court-appointed trustee collecting money to return to Madoff’s investors, said yesterday that he’ll ask a court to allow him to make a fourth distribution to victims. The latest checks, totaling $349 million, come primarily from JPMorgan Chase’s $325 million settlement with Picard, part of its $2.7 billion accord to end a federal criminal investigation into its role in the Madoff scam.

If approved, the latest round of restitution would bring the total returned to victims to about 46% of the $11.05 billion in claims Picard has accepted.

“Our commitment is simple: to recover the maximum amount of funds stolen in the Madoff Ponzi scheme and to distribute these funds to their rightful owners as quickly as possible,” Picard said. “Our legal team remains focused on overcoming the remaining challenges that delay additional, even larger, distributions, and bringing more money into the customer fund.”


In Depth

Creating An Offshore Hedge Fund Dream Team: The Seven Key Players

Jun 26 2015 | 6:47am ET

If you want to set up an offshore hedge fund, like any great team, you’re only...

Lifestyle

Hedgies Set to Compete in Wall Street Decathlon

Jun 8 2015 | 12:37am ET

The Wall Street Decathlon — a 10-event physical challenge that will crown “Wall...

Guest Contributor

6 Essential Principles To Balance Your Investment Risk

Jun 26 2015 | 10:07am ET

In this article, financial expert Greg Silberman explores how to hedge a private...

 

Editor's Note