Madoff
victims' payout nearing $7.2 billion: trustee
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[December 23, 2014]
By Joseph Ax
NEW YORK (Reuters) - Victims of Bernard
Madoff's massive Ponzi scheme will get afresh $322 million payout if a
U.S. judge approves the request by the trustee liquidating the convicted
fraudster's firm, bringing the recovery total to more than $7 billion.
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The trustee, Irving Picard, said on Monday he would seek permission
from a U.S. bankruptcy judge in New York to begin the fifth interim
distribution of payments, which would average $299,900 and range
from just under $400 to more than $60 million.
The announcement came five weeks after Picard said he had reached
three settlements with various defendants, totaling more than $642
million.
All told, Picard has recouped about $10.5 billion, roughly 60
percent of the $17.5 billion of principal he estimated was lost by
Madoff customers in the Ponzi scheme, which was revealed in December
2008.
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Picard has allowed 2,547 claims related to 2,213 accounts that
victims held at Bernard L. Madoff Investment Securities LLC. Once
the fifth interim distribution is complete, he said, 1,154 accounts
will be fully satisfied.
A court hearing to consider approving the payout has been scheduled
for Jan. 15.
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Madoff, 76, is serving a 150-year prison term after pleading guilty
in March 2009.
Five former Madoff employees were sentenced to prison terms of two
to 10 years earlier this month, following their conviction in March
of fraud and other charges for helping Madoff conceal his fraud for
decades.
Fifteen people, including Madoff himself, have been convicted at
trial or pleaded guilty in connection with the Ponzi scheme.
(Reporting by Joseph Ax; Editing by Richard Chang)
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