Madoff trustee asks for $2.4 billion for victims

Payout would cover more than 1,220 customer accounts

Irving Picard is out for blood … or at least a giant chunk of cash. The trustee for Bernard Madoff’s former clients is asking a bankruptcy court to release $1.49 billion to $2.43 billion to compensate victims—small potatoes compared to what Madoff stole from them.

In December 2008, Madoff was arrested for securities fraud, or more bluntly, masterminding one of the largest and longest running  Ponzi schemes in U.S. history. In the end, Madoff cheated his clients out of about $18 billion, according to David Sheehan, chief counsel to Picard.


Cathleen Flahardy

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