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.
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In 2009, Madoff was sentenced to 150 years in prison for fraud, the maximum term possible.
[Reuters]
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