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Manhattan, NY - Bernie Madoff's Victims Getting Another $2.48 Billion In Payout

Published on: September 20, 2012 10:33 PM
By: AP
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Bernard Madoff arrived at a federal court in New York March 12, 2009 where he pleaded guilty to charges that he engineered one of the largest investment scams in U.S. history. (AP Photo/Mary Altaffer)Bernard Madoff arrived at a federal court in New York March 12, 2009 where he pleaded guilty to charges that he engineered one of the largest investment scams in U.S. history. (AP Photo/Mary Altaffer)

Manhattan, NY - A court-appointed trustee in New York has mailed out $2.5 billion in checks to victims of Bernard Madoff’s massive fraud.

Irving Picard announced the distribution on Thursday. He said it means that he’s so far satisfied nearly half of all valid claims made by the disgraced financier’s burned clients.

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Picard has estimated that thousands of investors lost $17.3 billion in the decades-long fraud. He says he’s recovered about $9.1 billion since he was appointed following Madoff’s arrest in 2008.

Madoff pleaded guilty in 2009 to charges that he orchestrated the largest Ponzi scheme in history. He’s serving a 150-year prison term.


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Read Comments (7)  —  Post Yours »

1

 Sep 20, 2012 at 11:17 PM Bluebekitche Says:

The 150 year sentence is deffenatly to severe, he redistributed wealth from the rich to the rich. A lot less cruel then taking from the rich to the poor ( from those who work to those who don't work)!! What do you think, how many years should Mr. Barak Hussain get ?

2

 Sep 21, 2012 at 12:28 AM Wise-Guy Says:

Reply to #1  
Bluebekitche Says:

The 150 year sentence is deffenatly to severe, he redistributed wealth from the rich to the rich. A lot less cruel then taking from the rich to the poor ( from those who work to those who don't work)!! What do you think, how many years should Mr. Barak Hussain get ?

Not so. A lot of investor's monies included widow's life-savings, non-profit organization funds, and plenty of lower-middle-class small-time investments pooled together.
Yeshiva university lost millions. Nearly went bankrupt, I heard.

3

 Sep 21, 2012 at 01:49 AM ShutUp Says:

Reply to #1  
Bluebekitche Says:

The 150 year sentence is deffenatly to severe, he redistributed wealth from the rich to the rich. A lot less cruel then taking from the rich to the poor ( from those who work to those who don't work)!! What do you think, how many years should Mr. Barak Hussain get ?

You made me throw up. Your hatred and ignorance is something else.

4

 Sep 21, 2012 at 04:25 AM {Ploni Says:

Reply to #1  
Bluebekitche Says:

The 150 year sentence is deffenatly to severe, he redistributed wealth from the rich to the rich. A lot less cruel then taking from the rich to the poor ( from those who work to those who don't work)!! What do you think, how many years should Mr. Barak Hussain get ?

" he redistributed wealth from the rich to the rich."

Did he trouble himself to obtain permission before he embarked on that enterprise? He did not? Then let him rot in jail for 150 years.

He might even learn not to break the Eighth Commandment ever again.

BTW, try - just try - to keep politics out of this, please.

5

 Sep 21, 2012 at 08:26 AM Bluebekitche Says:

Reply to #3  
ShutUp Says:

You made me throw up. Your hatred and ignorance is something else.

Threw up on food that you bought with food stamps that came from my earned money that was taken without premission, so I don't feel bad

6

 Sep 21, 2012 at 12:37 PM cynic Says:

Reply to #2  
Wise-Guy Says:

Not so. A lot of investor's monies included widow's life-savings, non-profit organization funds, and plenty of lower-middle-class small-time investments pooled together.
Yeshiva university lost millions. Nearly went bankrupt, I heard.

I don't have the figures at hand but Yeshiva University initially claimed a SUPER BIG loss. That, however, was based on the fake numbers in the Madoff monthly statements.
They made a revised claim based on the amount of money they had actually invested. That was a big number, but not critical.
- same for many of the other large investors who (generally) had split their savings into different groups. They lost a lot, but could manage.
There were far too many, though, who pretty much placed everything with Madoff. And there were quite a few others who _thought_ they had split their money around, but it turned out that the middlemen were consolidating the accounts into Madoff funds.

7

 Sep 23, 2012 at 10:10 AM ShutUp Says:

Reply to #5  
Bluebekitche Says:

Threw up on food that you bought with food stamps that came from my earned money that was taken without premission, so I don't feel bad

No. Throw up on my brand new iPhone 5 that I bought for $700 from my extra invested money

8

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