Trustee: Half-Billion Dollar Settlement Reached For With 2 Madoff Funds
NEW YORK (CBSNewYork/AP) -- The trustee recovering money for thousands of investors said Monday that a half-billion-dollar settlement has been reached with two financial funds that invested with Ponzi schemer Bernard Madoff.
Trustee Irving Picard said in a U.S. Bankruptcy Court filing that he's recouped a total of $10.3 billion since the fraud was revealed in December 2008.
Picard says the new money comes from two so-called feeder funds -- Herald Fund SPC and Primeo Fund, both undergoing liquidation in the Cayman Islands.
Madoff is serving a 150-year prison sentence after pleading guilty to fraud charges.
The one-time Nasdaq chairman told his investors that their nearly $20 billion in investments had grown in value to over $60 billion. Madoff never invested their money in the markets as promised.
Bernie Madoff is serving a 150-year prison sentence for bilking thousands of people of nearly $20 billion.
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