Madoff customers' pay off nears $14 billion as dying Ponzi scheme maker seeks freedom



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Madoff customers' pay off nears $14 billion as dying Ponzi scheme maker seeks freedom

On Friday, the 28th of February 2020, a court-appointed trustee on the infamous Madoff Ponzi scheme case, said that the pay offs of former customers of the dying swindler, Bernard Madoff, one of whose sons had committed suicide following reveal of one of the most mischievious schemes in the history of Wall St., had been approaching $14 billion, while the old-school evil accountable for a number of alleged Ponzi scheme before 2008 that usually involves promising higher returns, paying off the early investors’ returns by using new investors’ investments, claiming the asset issuers bankrupted at one point and walking away with the most recent investors’ funds, had been awaiting a decision on whether the US Government would answer to his call for a early pardon.

Nonetheless, Bernie Madoff, former Chair of Nasdaq and a founder of Wall St. firm Bernard L. Madoff Investment Securities LLC., who admitted following his arrest on December 11th, 2008, that the US billionaire had been the mastermind behind a racket of Ponzi schemes for long, was sentenced 150 years in prison alongside a restitution of a whopping upsum of $1.7 trillion, though the exact sum Madoff had pocketed through Ponzi schemes since 1960 through his investment fund that he founded at the age of 22, could never be estimated.

Besides, the trustee appointed for liquidating Madoff’s Investment fund’s assets, Irving Picard had also added on Friday (February 28th) that he had started off a distribution process of $3.69 billion to the holders of 854 accounts.