Madoff Victims To Get $350 Million More

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.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of