Bernard Madoff $50 Billion Ponzi Scheme

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Trustee: Madoff Victims Could Get All Their Money Back

May 6, 2014 4:27 PM
http://boston.cbslocal.com/2014/05/06/madoff-victims-to-be-reimbursed-12b-total/

BOSTON (CBS) — The investors who lost billions of dollars in the Bernie Madoff Ponzi Scheme may actually get all of their lost investments back.

WBZ New England Business Editor Anthony Silva spoke with the court-appointed trustee in the case

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Court appointed trustee Irving Picard says about 800 legal cases remain unresolved but he’s confident everyone will be reimbursed. Tuesday’s payout is the fourth in the Madoff recovery efforts.

“We’re pleased with what we’ve done, but we’re still striving to get 100-percent back to the people who lost money,” Picard told WBZ NewsRadio 1030.

Madoff was head of Wall Street firm Bernard L. Madoff Investment Securities LLC from 1960 until his 2008 arrest when he admitted the wealth management division of his business was an elaborate Ponzi scheme. Madoff is currently serving a 150-year prison sentence for defrauding investors out of more than $12 billion.

http://boston.cbslocal.com/2014/05/06/madoff-victims-to-be-reimbursed-12b-total/