Recovery Milestone Reached For Madoff Victims
NEW YORK (CBSNewYork) -- A milestone has been reached in the recovery for victims of Bernie Madoff.
According to Irving Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC, the Madoff Recovery Initiative has reached more than $13.26 billion. It's also a new milestone for recoveries in Ponzi schemes.
Picard said that it was unexpected they would achieve such success in recovering the stolen funds for the victims. The recovery initiative has been going on for nearly ten years.
The money represents approximately 75% of the estimated $17.5 billion in principal lost by customers who filed claims.
Picard said all of the money recovered is placed into a fund for distribution to Madoff victims.
He also said they are continuing to pursue funds and recover more for the victims.