The trustee for the liquidation of Bernard L. Madoff Investment Securities LLC has applied to the courts for permission to return another US$349 million to the firm’s clients.
If this latest distribution is approved, almost US$6 billion will have been returned to the victims of Madoff’s massive Ponzi scheme, notes the Securities Investor Protection Corporation (SIPC).
Additionally, the trustee, Irving Picard, indicates that all claims of less then $925,000 will be made whole with this latest distribution; and 1,129 out of 2,189 accounts will be fully satisfied. The remainder of allowed claims will have seen just over 46% of their claim amount returned from the funds recovered by the trustee plus advances of up to $500,000 from the SIPC.
“We commend trustee Picard and his team for their ongoing hard work to recover funds to return to Madoff investors, particularly the efforts that resulted in the recent $325 million settlement with JPMorgan Chase & Co. that is facilitating this additional distribution,” said SIPC president, Stephen Harbeck.
“We look forward to continuing to work with the trustee to make funds available to victims as soon as possible. We hope that trend continues, and even accelerated, as the remaining legal disputes are resolved,” he added.