{"id":46384,"date":"2015-02-10T08:05:34","date_gmt":"2015-02-10T13:05:34","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=46384"},"modified":"2015-02-10T08:11:42","modified_gmt":"2015-02-10T13:11:42","slug":"hedge-fund-fraud-10-billion-recovered-for-madoff-victims","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/02\/2015\/hedge-fund-fraud-10-billion-recovered-for-madoff-victims.html","title":{"rendered":"Hedge Fund Fraud: $10 Billion Recovered For Madoff Victims"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2015\/02\/blame_25_madoff.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-46390\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2015\/02\/blame_25_madoff.jpg\" alt=\"blame_25_madoff\" width=\"260\" height=\"320\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2015\/02\/blame_25_madoff.jpg 260w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2015\/02\/blame_25_madoff-244x300.jpg 244w\" sizes=\"auto, (max-width: 260px) 100vw, 260px\" \/><\/a>New York (HedgeCo.net) &#8211; Approximately $355 million is being released to victims of the Madoff hedge fund Ponzi scheme, the\u00a0Securities Investor Protection Corporation (SIPC) announced today. A separate settlement involving $497\u00a0million with\u00a0&#8220;feeder funds&#8221; Herald Fund and Primeo Fund, will bring the\u00a0total recovery to date in the Madoff liquidation proceedings to $10.551 billion.<\/p>\n<p>This is the fifth distribution of recovered funds to Madoff customers by Irving Picard, the Trustee for the SIPA liquidation of Bernard L. Madoff Investment Securities LLC.<\/p>\n<p>&#8220;The prospect of amassing $10 billion in recoveries for Madoff victims was not viewed by many as a serious possibility at the start of the case.&#8221;\u00a0SIPC President Stephen Harbeck said. &#8220;The legal tools available to Trustee Picard under the Securities Investor Protection Act and the Bankruptcy Code have made it possible for him to make the most equitable distribution possible. I am hopeful that this settlement will serve as a template for the resolution of other so-called \u2018feeder fund\u2019 claims. As remaining legal disputes continue to be resolved, we look forward to sharing news of additional distributions to Madoff customers.&#8221;<\/p>\n<p>The total amount distributed in the Madoff liquidation proceeding so far exceeds $7.2 billion, covering more than 54 percent of the losses of allowed claimants. The overall figure of $7.2 billion includes $823.7 million in committed advances from SIPC.<\/p>\n<p>From the time Congress created SIPC\u00a0in 1970 through December 2013, SIPC has advanced $2.1 billion in order to make possible the recovery of $133 billion in assets for an estimated 772,000 investors.<\/p>\n<p>Alex Akesson<br \/>\nEditor for <a title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a><br \/>\n<a href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br \/>\n<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.Net<\/a> is a premier <a title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\">hedge fund database<\/a> and community for qualified and accredited investors only. Membership in <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.net) &#8211; Approximately $355 million is being released to victims of the Madoff hedge fund Ponzi scheme, the\u00a0Securities Investor Protection Corporation (SIPC) announced today. A separate settlement involving $497\u00a0million with\u00a0&#8220;feeder funds&#8221; Herald Fund and Primeo Fund, will bring [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,3],"tags":[],"class_list":["post-46384","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-fraud","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/46384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=46384"}],"version-history":[{"count":5,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/46384\/revisions"}],"predecessor-version":[{"id":46393,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/46384\/revisions\/46393"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=46384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=46384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=46384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}