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Group Sets Aside $231 Million For Madoff Victims

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Jul 1, 2009 10:00 am US/Pacific

Group Sets Aside $231 Million For Madoff Victims

Victims Lost At Least $2.97 Billion

NEW YORK (AP) ―

Click to enlarge 1 of 2: Bernard Madoff fraud victim Michael DeVita (R) raises gestures while exiting a sentencing hearing for Madofff, who was convicted for running a multibillion-dollar ponzi scheme, at Federal District Court in Manhattan on June 29, 2009 in New York City.
Spencer Platt/Getty Images
Click to enlarge 2 of 2: Bernard Madoff is seen in this undated mugshot.
U.S. Marshals Service

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Ruth Madoff: I'm Embarrassed, Betrayed, Confused

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.