$231 Million Headed To 543 Madoff Victims So Far
So far $231 million has been approved for 543 victims of Bernie Madoff's Ponzi scheme, an average of $425,414 per swindled investor.
The payout comes from Securities Investor Protection Corporation (SIPC), which insures investor accounts with brokerage firms up to $500,000 each, similar to the FDIC's backing of up to $250,000 in bank accounts.
The $231 million comes from a larger pot of about $2.7 billion eventually headed to defrauded Madoff investors, who have filed claims so far of $13 billion.
SIPC is funded by the securities industry, sort of the way that the cable industry funds C-Span.
July 1, 2009; 10:50 AM ET
Categories: The Ticker | Tags: Bernie Madoff
Save & Share: Previous: Freddie Mac Gets $6.1 Billion More in Taxpayer Money
Next: June Sales: Chrysler Down 42%, Toyota Off 38%, GM Down 37%, Ford Dips 14.4%
Posted by: guzelvis | July 1, 2009 3:11 PM | Report abuse
The comments to this entry are closed.