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Madoff victims receive largest payout yet

Checks totaling $2.48 million were mailed on Wednesday

The victims of Ponzi-schemer Bernard Madoff are about to recover a little more of the enormous sums of money they lost. On Wednesday, the trustee who is liquidating Madoff’s company, Irving Picard, mailed checks ranging from $1,784 to $526.9 million to 1,230 of the fraudster’s former clients.

This payout is the largest to Madoff victims to date and brings the recovery to $3.63 billion—more than tripling the previous total.

In December 2008, Madoff was arrested for securities fraud after he masterminded one of the largest and longest-running Ponzi schemes in U.S. history. In the end, Madoff cheated his clients out of between $18 billion and $20 billion, according to David Sheehan, chief counsel to Picard. Madoff pleaded guilty to the charges in 2009, and the 74-year-old is currently serving a 150-year sentence.

Read more about this story on Thomson Reuters.

Read more InsideCounsel stories about Madoff victims trying to recover their losses:

Madoff trustee can pay victims $2.4 billion

Madoff trustee asks for $2.4 billion for victims

New York Mets settle with Madoff victims for $162 million

JPMorgan Chase faces $19 billion lawsuit from Madoff victims

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Cathleen Flahardy

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