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article imageBernie Madoff's defrauded victims win $2.48 billion payout

By Yukio Strachan     Sep 20, 2012 in Crime
The check is in the mail. Victims of Bernard Madoff, the mastermind of the biggest Ponzi scheme in American History, will soon get $2.48 billion to help recoup their losses, making it the the largest payout since the fraud was exposed in 2008.
"While this progress is extremely gratifying, we will not cease our work to continue recovering assets for the Customer Fund, and we will make additional distributions as soon as practicable" Irving Picard, the court-appointed trustee, said in a statement, ABC News reported.
Checks ranging from $1,784 to $526.9 million were mailed on Wednesday to 1,230 former customers of Bernard L. Madoff Investment Securities LLC, according to Picard, Reuters said.
According to CNN Money, the latest round of payments is on top of nearly $1.15 billion that has already been sent to Madoff's investors, making the total of redistributed funds to more than $3.63 billion.
U.S. Bankruptcy Judge Burton Lifland in Manhattan authorized the latest distribution last month following two legal victories for the trustee.
As KSAT news reminds us, about $17.3 billion was lost to Madoff's long-running pyramid-style scheme, which came crashing down with his arrest on Dec. 11, 2008 in Manhattan, where his firm was headquartered and where he lived with his wife Ruth in a $7 million penthouse.
Madoff pleaded guilty three months later to fraud and other charges in New York federal district court and is currently serving a 150-year sentence at a prison in North Carolina.
If you would like more details on the the payout, the case is Securities Investor Protection Corp. v. Bernard L. Madoff Investment Securities LLC, U.S. Bankruptcy Court, Southern District of New York, No. 08-ap-01789.
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