National

Oct 28, 2009 2:28 PM by Associated Press

Trustee says $530 million paid to Madoff victims

The trustee overseeing the liquidation of Bernard Madoff's assets says more $530 million has been paid so far to victims of the disgraced financier's massive fraud.

Trustee Irving Picard said in a briefing on Wednesday that he had identified $21.2 billion in losses in about 2,300 customer accounts.

The money being paid to the victims comes from the Securities Investor Protection Corporation, which was created by Congress and funded by the securities industry.

The 71-year-old Madoff pleaded guilty earlier this year to charges that his secretive investment advisory operation was a multibillion-dollar scam. The former Nasdaq chairman was sentenced to 150 years in prison.

»Comments

»Topics in this article

More News

Weather - Forecast
Story Photo

5 hours ago

Cooler Thursday

Windy early with blowing dust in some areas. Wind ending overnight tonight. An isolated thunderstorm possible early. Overnight low temperatures will drop...

Most Popular

Top Videos

1 2 3 4