Swindler Madoff's victims get payouts from recovered funds

Over half of stolen money redistributed seven years after discovery of giant fraud

5th December, 2015
Fraudster Bernie Madoff. Pic: Getty

Bernard Madoff’s victims will have a bit more to spend on holiday gifts this year as the trustee unwinding his fraud begins sending out a total of $1.2 billion in recovered funds, with cheques averaging $1.1 million each.

The biggest payout to victims in more than three years comes a week before the anniversary of Madoff’s December 2008 arrest, when thousands of retirees, charities, investment funds and other clients discovered they’d lost $17.5 billion in...

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