More than half of the customers of conman Bernie Madoff (pictured) have had their claims for restitution denied by the securities industry fund meant to insure them.
The Madoff ‘losers’ will get $534 Million but the ‘winners’ won’t get a dime.
The bankruptcy trustee, Irving Picard, said today that more customers made money than lost money in the decades long scam.
Records show that 2,568 customers took out more than they initially deposited and will receive no restitution.
Not only that, lawyers for the bankruptcy trustee plan to seek a return of the profits of those that received more than they initially invested.
Bankruptcy trustee, Irving Picard, did say, "We're not going to be suing people who have no money or might lose their homes."
Picard said only 2,335 of Madoff's customers had net losses. Of those, 1,368 have had their claims approved and the Securities Investor Protector Corporation fund has committed $534 million in payments for them.
The maximum amount the fund pays is $500,000 and, in effect, the fund will only be reimbursing Madoff's victims for about one of every eight dollars they lost, given total losses calculated by Picard at $21.26 billion.
More here.
A picture of my cave
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