Madoff victims

Madoff Victims Receive New Payout Totaling $355.8 Million


Victims of Bernard Madoff’s Ponzi scheme will receive another $355.8 million, bringing the total recovered to over $10.5 billion, with more than $7.2 billion paid out.

Picard: ‘Hardship’ Cases Will Be Exempt

Trustee liquidating Madoff’s firm insists that small investors
with fictitious profits will not be expected to return all their money.

Staff Writer

No elderly Jewish victim of Bernard Madoff who made money from his Ponzi scheme will be asked to sell her diamond engagement ring or home in order to repay the fictitious profits made, according to the trustee liquidating Madoff’s investment firm.

“No, that is not what we’re looking for,” said the trustee, Irving Picard. “Those type of people sound like they should be filing hardship applications.”

Madoff trustee Irving Picard says people should be filing hardship applications.
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