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Irving Picard and David Sheehan Discuss Next Payout to Madoff Victims with Bloomberg

News / January 18, 2018

Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), and his Chief Counsel David J. Sheehan discussed with Bloomberg on Dec. 18, 2017, plans for a ninth pro rata interim distribution from the Customer Fund to BLMIS customers with allowed claims.

If the distribution motion, filed the same day in the United States Bankruptcy Court for the Southern District of New York, is approved at a hearing on January 31, 2018, the SIPA Trustee will allocate a total of approximately $1.3 billion to the BLMIS Customer Fund. Approximately $584.5 million will be available for immediate distribution to customers with allowed claims. As of November 30, 2017, and since his appointment on December 15, 2008, the SIPA Trustee has recovered approximately $12.789 billion – nearly 73 percent of the currently estimated principal lost in the Ponzi scheme by those who filed claims.

View the Bloomberg video or read the press release from the offices of the SIPA Trustee and Stephen P. Harbeck, President and Chief Executive Officer of the Securities Investor Protection Corporation (SIPC).

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