Business, Economics and Jobs

Bernie Madoff Ponzi scheme victims receive $2.48 billion payout


Disgraced former financier Bernard Madoff pleaded guilty to 11 federal felonies in March 2009 and was later sentenced to 150 years in prison.


Stephen Chernin

Bernie Madoff's victims have checks on the way: $2.48 billion in checks, to be exact. 

1,230 victims of the jailed financier's Ponzi scheme will receive payouts in amounts that start at $1,784 and go up to $526.8 million, according to the trustee in charge of liquidating Madoff's firm's assets. 

The latest round of payments is on top of nearly $1.15 billion that has already been sent to Madoff's investors, making the total of redistributed funds to more than $3.6 billion, CNN Money reported

As a result of this latest round of payments, 182 more victims will have recovered their losses in full. In total, there are 1,074 closed claims, UPI reported

More from GlobalPost: Peter Madoff, Bernie Madoff's brother, pleads guilty to conspiracy charges

"While this progress is extremely gratifying, we will not cease our work to continue recovering assets for the Customer Fund, and we will make additional distributions as soon as practicable" Irving Picard, the court-appointed trustee, said in a statement, ABC News reported

74-year-old Madoff was arrested in December 2008 for running a Ponzi scheme that Picard estimates lost his investors a total of $17.3 billion, Reuters reported. The trustee has recovered $9.15 billion, or 53 percent of that money. 

Madoff is currently serving a 150-year prison sentence in North Carolina after pleading guilty to fraud. 

More from GlobalPost: Bernie Madoff victims get $405M from hedge fund

[View the story "Bernie Madoff's victims get billions in payouts" on Storify]