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.

It is the third round of payments to Madoff’s victims.

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Irving H. Picard, the court-appointed trustee overseeing the reimbursement effort, estimated about $5.4 billion has now been sent out to Madoff’s former account holders. That’s about 58 percent of the $9.3 billion that Picard said he has been able to recover for the Madoff victims through legal settlements and court rulings.

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The repayment pool represents a fraction of the $17.5 billion that thousands of investors entrusted in the sham fund run by Madoff.

Associated Press