Thursday, February 02, 2017

Madoff victims' recovery tops $9.7 billion with new payout

(Reuters) Bernard Madoff's victims will soon recoup another $252 million from the trustee unwinding the swindler's firm, boosting their total recovery to $9.72 billion.

The latest payout by trustee Irving Picard was made possible by settlements in the second half of 2016 with people accused either of facilitating Madoff's fraud or withdrawing more money from his firm than they deserved.

This included money from a settlement with the family of Stanley Chais, who prior to his 2010 death managed money for Hollywood clients like director Steven Spielberg, and was accused by Picard of excess withdrawals.

Read full article here.


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