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The Boston Globe

Business

Madoff trustee pays out $506m

NEW YORK — A court-appointed trustee is paying $506 million to victims of Bernard Madoff’s Ponzi scheme in the latest attempt to repair some of the financial devastation caused by the massive fraud.

The partial reimbursements disclosed Monday are being sent to 1,103 Madoff account holders. That means the average check will be for about $459,000. The highest amount being doled out is about $116 million.

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