Madoff Trustee Has Recovered Half of Lost Assets

Tuesday, Mar 8, 2011  |  Updated 4:15 PM EDT
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Madoff Trustee Has Recovered Half of Lost Assets

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The trustee recovering assets for Bernard Madoff investors says $10 billion, or half of the money lost in the years-long scheme, has been recovered.

David Sheehan, attorney for trustee Irving Picard, said on a conference call with reporters Tuesday that he hopes to hand out the first round of money sometime this year.

Madoff is serving a 150-year sentence in a North Carolina prison. In recent jailhouse interviews, he has said banks and hedge funds "had to know" about his fraud.

Picard declined comment on Madoff's recent public statements.

Picard has filed dozens of lawsuits, including against the Mets owners, to recover lost assets.

Madoff's scheme ensnared thousands of victims, including charities, celebrities and institutional investors. An estimated $20 billion was lost, making it the biggest investment fraud in U.S. history.

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