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Home / Case News / More than Ten Years Into the Infamous Madoff scam – Thousands of People Still Picking Up the Pieces

More than Ten Years Into the Infamous Madoff scam – Thousands of People Still Picking Up the Pieces

March 1, 2020, New York – Yesterday, Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS) announced the commencement of eleventh pro rata interim distribution from the customer fund to eligible BLMIS customers. The SIPA Trustee is distributing approximately $369 million on a pro-rata basis to BLMIS account holders with allowed claims. The aggregate amount distributed to eligible BLMIS customers will total more than $13.93 billion, which includes approximately $848.2 million in advances committed by the Securities Investor Protection Corporation (SIPC). The eleventh interim distribution represents 1.975 percent of each allowed claim and will be paid on claims relating to 854 accounts.

When combined with the prior ten distributions, in aggregate, 68.608 percent of each customer’s allowed claim will be paid, unless that claim has been fully satisfied.

It has been eleven years into the Madoff recovery initiative and significant settlements are still ongoing, thereby allowing the Trustee to return additional funds to BLMIS customers with allowed claims. The average payment for an allowed claim in the eleventh interim distribution totals $432,385.93. The smallest payment totals $310.47 and the largest payment is $48,341,830.59. Currently, the SIPA Trustee has allowed 2,646 claims relating to 2,282 BLMIS accounts. Of these 2,282 accounts, 1,469 will be fully satisfied following the eleventh interim distribution. All allowed customer claims up to $1.588 million will be fully satisfied after the distribution.