News - National
Trustee says $530 million paid to Madoff victims
Posted: Oct 28, 2009 12:28 PM by Associated Press
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.
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