Atlanta, GA 7/1/2009 11:16:32 PM
News / Business

Securities Group Sets Aside $231M for Claims by Madoff Investors

A group funded by the securities industry has set aside $231 million to cover claims by Bernie Madoff's scorned investors.


The announcement was made Wednesday by court appointed trustee Irving H. Picard and the Securities Investor Protection Corporation, according to the Associated Press.


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. The scandal made international news as it exemplified Wall Street greed and corruption.




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