Madoff Victims Get $312 Million Restitution
Victims of Ponzi schemer Bernard Madoff are beginning to receive restitutions, according to The New York Times.
Irving Picard, the trustee in charge of liquidating the Madoff estate, said that $312 million in payments were to be distributed Wednesday to “Madoff’s defrauded customers.”
The payments, part of the first batch of payments being sent to victims, will be distributed to the holders of 1,230 Madoff accounts. The Times reported that the payouts represent a recovery of approximately 4.6 cents on the dollar of the fictional profits.
Madoff pleaded guilty in 2009 to 11 felonies for fabricating nearly $65 billion in profits to attract investors. He is serving a 150-year sentence at a federal prison in North Carolina.
Why I became the Forward’s Editor-in-Chief
You are surely a friend of the Forward if you’re reading this. And so it’s with excitement and awe — of all that the Forward is, was, and will be — that I introduce myself to you as the Forward’s newest editor-in-chief.
And what a time to step into the leadership of this storied Jewish institution! For 129 years, the Forward has shaped and told the American Jewish story. I’m stepping in at an intense time for Jews the world over. We urgently need the Forward’s courageous, unflinching journalism — not only as a source of reliable information, but to provide inspiration, healing and hope.
Support our mission to tell the Jewish story fully and fairly.
