Madoff Liquidator Claims They Can Now Pay All Victims of Fraud!

March 27, 2009

A Bloomberg article published today, says the Securities Investor Protection Corp, the agency liquidating Bernard Madoff’s brokerage,  have recovered $2.6 billion, and that it is enough to satisfy all legitimate claims by victims of the money manager’s $65 billion Ponzi scheme.  Stephen Harbeck, SIPC president, said in an interview, the agency has the money to reimburse Madoff’s 5,000 customers to the maximum allowed by its charter. The SIPC has $1.6 billion in a fund designed to reimburse customers as much as $500,000 on lost investments, plus $1 billion recovered by brokerage trustee Irving Picard from Madoff firm bank accounts and desk drawers, Harbeck said.

“I have confidence there is sufficient money at SIPC to satisfy all claims,” he said in a phone interview.  Details of this perhaps startling revalation can be found at Bloomberg here.


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