Bankruptcy trustee for Madoff seeks to distribute more money

The bankruptcy trustee for Bernard L. Madoff Investment Securities, LLC is seeking bankruptcy court approval to disburse another $505 million to former customers who were defrauded in Madoff’s Ponzi scheme. If the judge approves this latest distribution, the amount paid to claimants will rise to over $5 billion. The total claims filed in the bankruptcy case totals over $11 billion. The original amount of loss by customers was estimated by the trustee to be in excess of $17 billion.

For more read, “Madoff trustee seeks to boost payout to over $5 billion.

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