Victims of Bernard Madoff's notorious Ponzi scheme are expected to get $342 million in additional repayment funds, a court trustee said Wednesday.
A U.S. Bankruptcy Court application seeking approval of the distribution was filed within days of the eighth anniversary of Madoff's arrest for masterminding the decades-long scam that burned ordinary investor, celebrities charities and others worldwide, according to trustee Irving Picard.
Picard was appointed after the arrest to search for any remaining Madoff-related assets, including payments the disgraced financier improperly made to associates, friends and others.
If the court grants approval at a scheduled Jan. 12 hearing, Picard would allocate roughly $342 million to the victim compensation fund. Approximately $252 million would be available for distribution to burned Madoff clients, with $90.7 held in reserve for pending repayment claims that gain subsequent approval.
Combined with previous distributions, the additional repayment would equal nearly 60.1% of each former Madoff customer's allowed claim amount, unless the claim has already been satisfied. The amount distributed to eligible victims would total approximately $9.72 billion.
In all, the total amount of recoveries and settlement agreements reached by Picard tops $11.5 billion — a larger percentage of the more than $17.5 billion stolen by scam than was expected at the time the fraud imploded.
The now-78-year-old con man pleaded guilty without standing trial in 2009 and is serving a 150-year federal prison term.
Follow USA TODAY reporter Kevin McCoy on Twitter: @kmccoynyc
