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Post/AP say more money recovered from SEC target Madoff

2015-02-10 07:07 ET - In the News

The Financial Post reports in its Tuesday edition the New York trustee recovering money for investors cheated in Bernard Madoff's multibillion-dollar Ponzi scheme has distributed $355-million more to victims (all figures U.S.). An Associated Press dispatch to the Post quotes trustee Irving Picard as saying in a release Monday that over half of Mr. Madoff's investors with allowable claims have been fully compensated and that everyone with an allowable claim of less than $976,000 has been fully paid. Mr. Picard says the latest distribution to investors was the fifth and represents another significant step forward. Mr. Picard says the average payout in the latest round was $330,000, with the biggest at $67-million. So far, Mr. Picard's office has recovered over $10.5-billion; more than $7.2-billion has been paid out. Investors lost about $20-billion. Mr. Madoff, arrested in 2008, is serving a 150-year prison sentence.

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