Victims of Bernard Madoff's fraud are being mailed a slice of a $2.4bn payout, bringing their total recovery amount so far to more than triple the amount initially set aside.
Victims of Bernard Madoff’s fraud are being mailed a slice of a $2.4bn payout, bringing their total recovery amount so far to more than triple the amount initially set aside.
Cheques made for between $1,784 and $526.9m were received by the misled investors on Wednesday from trustee Irving Picard, which is handling the liquidation of Bernard L. Madoff Investment Securities LLC. The average payout was $2.02m.
However, the total recovery of $3.63bn so far, with victims earlier receiving $1.15bn, is only half of what was lost during Madoff’s 20-year deception, according to UK newspaper the Daily Mail.
The fraudster (pictured) used his London trading firm to cover up a money laundering operation, which led investors to believe he was investing shares across the European markets.
The latest payout comes after US bankruptcy judge Burton Lifland authorised the distribution last month following two legal victories for the trustee.
This article was first published on Investment Week