And, every once in a while there is positive news. The court-appointed trustee rounding up funds for victims of the Bernie Madoff Ponzi scheme says the total recovered now tops $10 billion, an amount virtually no one thought possible when the scam collapsed nearly six years ago. Trustee Irving Picard filed the latest proposed settlement in U.S. Bankruptcy Court in Manhattan Monday. The deal hopes to recover nearly $500 million from two defunct feeder funds in the Cayman Islands. If approved, the settlement would bring the total recoveries to $10.3 billion, according to a statement released by Picards office. As of mid-October, according to Picards website, more than $5.25 billion had already been paid out to victims, with the remainder either tied up in litigation or held in reserve as the claims process plays out. If approved, the settlement would bring the total recoveries to $10.3 billion, according to a statement released by Picards office. As of mid-October, according to Picards website, more than $5.25 billion had already been paid out to victims, with the remainder either tied up in litigation or held in reserve as the claims process plays out. Based on the estimated $17.5 billion in principal lost in the scam, customers who invested directly with Madoffs firm now stand to recover nearly 60 cents on the dollar, an amount unheard of in most Ponzi schemes, let alone one of this magnitude. Sounds good until you read that Madoff Victims Fund received more than 63,000 claims totaling more than $76 billion!
Posted on: Mon, 17 Nov 2014 20:36:06 +0000
Trending Topics
Recently Viewed Topics
© 2015