Although Bernard Madoff was convicted in 2008, victims of his $17.5 billion Ponzi scheme are still receiving recovered funds. With the upcoming distribution, retirees, charities, investment funds, and other victims have recovered 57 percent of lost funds.
According to a press release by trustee Irving Picard, over 1,300 victims will have recovered their lost funds and investments by the end of this payout.
Madoff victims discuss their opinion on the recovered funds with TribLive:
Elisa and Edwin Schwartz, Madoff victims in Inverness, Calif., said they’ve been pleased with Picard’s efforts after watching part of their nest egg go “down the drain” seven years ago. The couple, now 76 and 82, had planned to use their Madoff account to supplement their retirement.
“We didn’t expect to get anything back, so the fact that we’ve gotten something is nice,” Elisa Schwartz said. “We’re trying to help our kids and our grandchildren in college — those are the things we wanted to use the money for.
“We’re old. I always felt they should have put the old people first,” she said, calling that her only complaint.
Picard said in a statement that the payouts “exceed similar efforts related to prior Ponzi scheme recoveries, in terms of dollar value and percentage of stolen funds recovered.” He said he’ll send $320 million more after pending litigation is resolved.
Madoff pleaded guilty in 2009, and is currently serving his 150-year sentence.
Photo by Pictures of Money via Flickr CC License
