Trustee: SIPC Will Advance $500 Million to Madoff Victims

Trustee: SIPC Will Advance $500 Million to Madoff Victims - 10-30-2009

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Trustee: SIPC Will Advance $500 Million to Madoff Victims
Noeleen G. Walder

New York Law Journal. October 30, 2009
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EXCERPT: The Securities Investor Protection Corp. will advance more than $500 million to victims of Bernard Madoff's massive Ponzi scheme, the trustee charged with liquidating Madoff's investment firm, said Wednesday in a conference call. […] Picard, who so far has recovered $1.4 billion for the estate, said the balance "will have to be paid out of the pro rata distributions we get." He added that he expects to bring more suits in the next six to nine months, but said he could not "venture a guess at this point" about the size of these suits. According to SIPC's president, Stephen Harbeck, the $534.3 million the agency has advanced in the Madoff liquidation exceeds the total paid in the 321 proceedings it has handled since its creation in 1970.

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