Madoff victims get $534.3 million - Yahoo! News »
Posted By mesodude 1 month, 4 weeks ago in News
Victims of Bernard Madoff's epic fraud have gotten approval to receive $534.25 million of payments, the trustee trying to recover the imprisoned swindler's assets said.
The sum is less than one-eighth of the $4.44 billion of claims that court-appointed trustee Irving Picard has so far deemed valid. Picard spoke to reporters on a conference call.
The sum is also less than 3 percent of the $21.2 billion of losses suffered by holders of 2,335 Madoff accounts. These losses are up from the $13 billion the government estimated in June, when Madoff was sentenced to 150 years in prison.
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