Nearly $2.5 billion in checks were mailed Wednesday to victims in the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), according to the Securities Investor Protection Corp. (SIPC).
With approximately $17.3 billion in principal estimated to have been lost in the Ponzi scheme by direct BLMIS customers who filed claims, SIPC issued a statement Thursday saying that it applauds “the hard work of Trustee Irving H. Picard and his attorneys in reaching that major milestone.”
When combined with the funds already returned to BLMIS customers, SIPC says that “the second interim distribution satisfies more than 50% of the total Madoff accounts with allowed claims. Nearly 1,100 accounts were covered by the second distribution.”