Madoff Victims Have $2.48B on the Way
1,230 people getting checks averaging $2M
By Matt Cantor, Newser User
Posted Sep 20, 2012 11:21 AM CDT
In this Dec. 17, 2008 file photo, Bernard Madoff returns to his Manhattan apartment after making a court appearance in New York.   (AP Photo/Jason DeCrow, File)

(Newser) – The check is indeed in the mail for Madoff victims: Following a judge's approval, some 1,230 victims of Bernie Madoff's Ponzi scheme will soon receive money totaling $2.48 billion. Mailed yesterday, the checks average about $2 million each, and range between $1,784 and $526.9 million. That brings the total investors have recouped so far to $3.63 billion, Yahoo News reports. The case's trustee, Irving Picard, has now recovered some $9.15 billion, more than half of the lost $17 billion; he's also holding money in reserve amid individual victims' litigation.

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Sep 21, 2012 10:29 AM CDT
sixty-four investors put two hundred and forty-four million dollars into Solamere, a private equity fund that Tagg Romney started after the 2008 campaign, operating, at first, out of the same offices as the campaign headquarters, soliciting people who had been campaign contributors, with ten million dollars from his mother’s blind trust; and later with his father speaking at an investor’s conference and a number of employees who had worked either for the campaign or for another company that turned out to be “a multi-billion dollar Ponzi scheme.”
Sep 20, 2012 2:18 PM CDT
You do realize this money is coming largely from "new" victims, people who pulled their money out before the roof fell in. Some may have suspected, but perhaps many did not and simply re-invested their money elsewhere. This is just pain-spreading. It's not like they found a Madoff cache.
Sep 20, 2012 1:00 PM CDT
Meanwhile Jon Corzine walks free and MFGlobal account holders have no chance of getting back their $891,000,000 that Corzine stole to pay his own gambling debts.