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Group Sets Aside $231 Million For Madoff Victims

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Jul 1, 2009 1:00 pm US/Eastern

Group Sets Aside $231 Million For Madoff Victims

Victims Lost At Least $2.97 Billion

NEW YORK (AP) ― A group funded by the securities industry has set aside $231 million to cover claims by Bernard Madoff's burned investors.

The announcement was made Wednesday by court appointed trustee Irving H. Picard and the Securities Investor Protection Corporation.

The court has allowed 543 claims, totaling $2.972 billion, submitted by investors of Bernard L. Madoff Investment Securities LLC.

Madoff has been sentenced to 150 years in prison. He pleaded guilty in March to charges that his investment advisory business was a multibillion-dollar Ponzi scheme that wiped out thousands of investors and ruined charities.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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