NY trustee for Madoff investors announces new $497M settlement; total recouped tops $10B

Published January 08, 2015

The New York trustee recovering money for thousands of investors says a half-billion-dollar settlement has been reached with two financial funds that invested with Ponzi schemer Bernard Madoff.

Trustee Irving Picard said Tuesday in a U.S. Bankruptcy Court filing that he's recouped a total of $10.3 billion since the fraud was revealed in December 2008.

Picard says the new money comes from two so-called feeder funds — Herald Fund SPC and Primeo Fund, both undergoing liquidation in the Cayman Islands.

Madoff is serving a 150-year prison sentence after pleading guilty to fraud charges.

The one-time Nasdaq chairman told his investors that their nearly $20 billion in investments had grown in value to over $60 billion. Madoff never invested their money in the markets as promised.

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