Madoff Trustee Wants to Start Paying Victims

Wednesday, May 4, 2011  |  Updated 7:25 PM EDT
View Comments (
)
|
Email
|
Print
In Photos: Madoff's Day in Court

Getty Images

Bernard Madoff admitted in a guilty plea in 2009 that he was running a giant Ponzi scheme.

advertisement
Photos and Videos
More Photos and Videos

The New York trustee appointed to unravel Bernard Madoff's massive fraud wants for the first time to distribute some of the stolen money to the disgraced financier's victims.

Trustee Irving Picard asked a Manhattan bankruptcy court on Wednesday to approve a $2.6 billion allocation. The initial payout would total $272 million.

Picard says he's so far recovered about $7.6 billion of the estimated $17.3 billion in principal lost by clients of Madoff's secretive investment advisory service.

Madoff admitted in a guilty plea in 2009 that he was running a giant Ponzi scheme. He's serving a 150-year prison sentence.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
Follow us on Instagram!
We post photos taken by our news... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out