Madoff Victims Poised to Start 2017 With $342 Million in Payouts

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Bernard Madoff’s victims are set to receive a $342 million payout from the trustee unwinding his epic Ponzi scheme, financed in part by a settlement with the estate of one of the con man’s oldest friends, the late Beverly Hills billionaire Stanley Chais.

The distribution, if approved by a judge, would be the eighth since Madoff’s arrest on Dec. 11, 2008. Trustee Irving Picard’s lawsuits and settlements with banks and wealthy investors have recovered about $11.5 billion for thousands of victims who lost $17.5 billion in principal.

“For those who find the annual December anniversary of Madoff’s arrest difficult, we hope the recoveries that have resulted in eight distributions so far have been helpful,” Picard, a bankruptcy lawyer with Baker & Hostetler LLP in Manhattan, said Wednesday in a statement. – READ MORE

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