Thursday, July 26, 2012

Billions of bucks slated for Madoff victims




CNNMoney reports that victims of Bernard Madoff's Ponzi scheme are on track to receive billions of dollars in recovered assets, according to the court-appointed trustee.  Trustee Irving Picard announced on Thursday that he is preparing to distribute from $1. 5 billion to $2.4 billion to former investors in Madoff's firm. This is in addition to the $1.1 billion that has already been distributed to victims.

The funds are being distributed "pro rata," which means that the available funds are being divided among the victims, based on how much they lost to Madoff's pyramid scheme.
The trustee has put in a request to the U.S. Bankruptcy Court for the Southern District of New York in Manhattan to free up the funds for distribution. A judge is scheduled to decide on Aug. 22 on how to release the money….

More?  Check out http://money.cnn.com/2012/07/26/news/companies/madoff-victims/?source=cnn_bin

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