Sunday, 24 July 2016
Last updated 1 day ago
May 6 2014 | 12:57pm ET
The trustee in the Bernard Madoff case is ready to turn over the $325 million he got in a settlement with JPMorgan Chase in January.
Irving Picard yesterday began cutting $351.6 million in checks to Madoff victims. The payouts will bring to nearly $6 billion the amount returned to the Ponzi schemer’s investors; victims lost about $17 billion in the scheme, and Picard has accepted claims totaling about $11 billion.
The fourth distribution will make whole all investors who lost $925,000 or less in the fraud. The checks range from about $500 to $77.8 million.
Picard said he is “looking ahead to additional, significant recoveries and distributions later this year.” He has collected about $9.8 billion.