Thursday, October 29, 2009

More Money is Being Advanced to Madoff Victims

Looks like progress is slowly being made in Bernie Madoff's $65 billion Ponzi scheme. This article in Bloomberg discusses Madoff's liquidators are making repayments of about $534.2 million to 1,558 victims that suffered losses. There have been over 16,000 claims made since Bernie's arrest back in December, so there is still a long way to go. Irving Picard, a trustee, was able to recover $1.4 billion in assets to repay victims and more is expected back in fake profit from some of Madoff's biggest investors. There will be a lot controversy going forward on who gets paid and who doesn't.

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