Total Madoff Repayments Will Amount To $9.72 Billion

NEW YORK (CBSNewYork/AP) — Victims of the Bernard Madoff Ponzi scheme will split a repayment of about $342 million in January under a plan by a court trustee.

Trustee Irving H. Picard filed a motion in U.S. Bankruptcy Court Wednesday seeking approval for the eighth repayment of funds stolen by Madoff – which totaled $17.5 billion.

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Of the $342 million to be distributed in the latest repayment, about $252 million will be available immediately to Madoff’s victims, while another $90.7 million will be held in reserve for payouts that will be determined by pending lawsuits.

In all, the repayments to Madoff’s customers over the past eight years will total about $9.72 billion, including more than $839.6 million in advances issued by the Securities Investor Protection Corporation.

A hearing on the Bankruptcy Court motion is set for Jan. 12.

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Madoff, 78, was arrested in December 2008 and pleaded guilty to fraud charges three months later. His fraud cost investors nearly $20 billion over four decades.

Madoff, the one-time Nasdaq chairman, told investors in financial statements in November 2008 that the nearly $20 billion they had given him had grown in value to over $60 billion. In reality, Madoff didn’t invest their money and was nearly broke.

He is now serving a 150-year prison sentence.

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