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New York - Group: $231M Set Aside for Madoff Victims

Published on: July 1, 2009 01:30 PM
By:  CBS News
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New York - A group funded by the securities industry has set aside $231 million to cover claims by Bernard Madoff’s burned investors.

The announcement was made Wednesday by court appointed trustee Irving H. Picard and the Securities Investor Protection Corporation.

The court has allowed 543 claims, totaling $2.972 billion, submitted by investors of Bernard L. Madoff Investment Securities LLC.

Madoff has been sentenced to 150 years in prison. He pleaded guilty in March to charges that his investment advisory business was a multibillion-dollar Ponzi scheme that wiped out thousands of investors and ruined charities.

Meanwhile, CBS News has learned more than 100 subpoenas have been sent out by federal prosecutors in the Madoff case, as criminal investigators turn their focus to at least 10 others likely involved in the largest financial fraud case in Wall Street history.

It is likely that criminal charges will be brought against as at least 10 individuals in the multi-billion dollar Ponzi scheme, a person familiar with the investigation told CBS News.

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Everyone close to Madoff’s securities firm has been or is currently under scrutiny, including family members and business associates, the person said.


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 Jul 02, 2009 at 09:20 AM Anonymous Says:

I am sure this won't stop those greedy whiners from whining. Expect plenty more of those "Oy vey, I had 2.6 million invested with that monster and now I have to live off social security" complainers.

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