SIPC Has Pledged $534M To Madoff Victims: Trustee

Law360, New York (October 28, 2009, 4:47 PM EDT) -- The trustee in charge of liquidating Bernard L. Madoff Investment Securities LLC has announced that the Securities Investor Protection Corp. has so far committed to advance over $500 million to investors who lost money in the disgraced fraudster's massive Ponzi scheme.

The trustee, Baker & Hostetler LLP partner Irving H. Picard, said that as of noon Tuesday, the SIPC had committed $534.25 million to investors.

By comparison, the SIPC has committed about $520 million in advances in all 321 other liquidations it has handled combined, according...
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