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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Madoff Victims' Recovery Tops $9.7Bn with New Payout
Bernie Madoff's victims will soon recoup another $252 million from the Trustee Irving Picard, boosting their total recovery to $9.72 billion.
The latest payout by trustee Irving Picard was made possible by settlements in the second half of 2016 with people accused either of facilitating Madoff's fraud or withdrawing more money from his firm than they deserved. This included money from a settlement with the family of Stanley Chais, who prior to his 2010 death managed money for Hollywood clients like director Steven Spielberg, and was accused by Picard of excess withdrawals.
- Picard's 8th distribution will go to customers who once had 953 accounts at Bernard L. Madoff Investment Securities.
- Checks will range from $271.80 to about $42.3 million.
- Once the distribution is finished, 1,335 Madoff accounts with valid claims will be fully paid off, including all claims of $1.25 million or less.
- Customers who have not been fully repaid will have received about 60% of what they are owed when the distribution is finished.
- Picard has estimated that Madoff customers lost $17.5 billion in Bernie’s Ponzi scheme.
A separate $4 billion fund set up by the U.S. Department of Justice will also compensate Madoff victims, including people who invested with him through third parties. Richard Breeden, the former U.S. Securities and Exchange Commission chairman overseeing that fund, last month said he was on track to make a "large initial distribution" in 2017.