Some Madoff Victims Starting to Receive Payments
October 30th, 2009 meg
Trustee Irving Picard announced that more than $534 million has been paid to 1,368 victims of Bernard Madoff through the national fund that insures against failed brokerage firms.
Picard said he has so far identified allowable claims totaling $4.43 billion and is still processing thousands of claims filed by alleged victims.
To date, he has identified 2,335 investment accounts with net losses of $21.2 billion with Madoff.
The $534 million paid out so far to victims is more than the insurance fund, the Securities Investor Protection Corp., has paid out in all of its 321 prior liquidations combined.
The fund, established by Congress in 1970, allows individuals to receive a maximum of $500,000.
