Investors who lost money in the Ponzi scheme perpetrated by Bernard Madoff will get some more money back.
Irving Picard, the trustee in charge of liquidating Madoff’s investment firm, Bernard L. Madoff Investment Securities, has sent victims of the scam another $2.48 billion in recovered funds, Reuters noted.
That money has been disbursed in the form of checks that were sent out on Wednesday. More than 1,200 victims of the massive fraud will received amounts ranging from $1,784 to $526.9 million.
Former Madoff customers receiving the new round of checks will get an average amount of $2.02 million.
Madoff’s investment firm collapsed in 2008 when he couldn’t pay clients who attempted to withdraw funds during the financial crisis. He was subsequently arrested and is currently serving a lengthy prison sentence.
With the latest round of compensation, the amount of recovered funds returned to customers has risen to $3.63 billion. That includes funds from the Securities Investor Protection Corp.
About 44% of Madoff’s customers will ultimately be fully compensated for the losses.
In June, Madoff’s brother Peter, pleaded guilty to charges of conspiracy and falsifying records as part of the scam. He agreed to spend 10 years in prison for helping his brother defraud clients.