Victims gain and additional $90 million as Madoff feeder fund settles
Victims of the biggest investment scam in U.S. history, run by disgraced financier Bernard Madoff, have gained an additional $93 million from a “feeder fund” settlement, bringing the total recovered to $10.6 billion.
Irving Picard, the trustee charged with recovering money for those duped by Madoff, said that Defender Ltd., which used to send money to the swindler’s firm, will receive $520 million from the liquidation of Bernard Madoff’s Investment Securities LLC, owing to significant overpayment.
The first $93 million of this will got to Madoff’s victims, while Defender Ltd. will recoup its share from future payouts, reports Reuters.
Picard has regained around 60% of the estimated $17.5 billion total loss perpetrated by Madoff’s Ponzi scheme, which lures investors by promising unusually high returns.
In 2009, Madoff was sentenced to 150 years in prison for fraud, the maximum term possible.