Investment victims swindled by Bernard Madoff could soon receive their share of a new $247 million repayment to help cover losses from the historic fraud, USA Today reported today. More than seven years after the Ponzi scheme mastermind's massive scam collapsed, court-appointed trustee Irving Picard yesterday filed a motion seeking U.S. Bankruptcy Court approval for the new disbursement. If the court grants approval at a scheduled June 15th hearing, the trustee would allocate roughly $171 million for immediate distribution to 972 accounts held by former Madoff investment clients. Approximately $76 million would be held in reserve for additional claims affected by pending litigation. Total repayments to Madoff clients whose claims have been allowed would rise to approximately $9.45 billion under the new distribution plan. Read more.
For a further analysis of commercial fraud, make sure to pick up a copy of ABI’s Fraud and Forensics: Piercing Through the Deception in a Commercial Fraud Case.