Despair not, Friends of Bernie. Checks are headed your way. At least, that's the rumor. Yes, true, they might not be quite as large as you were expecting, or hoping, or wishing for, but a check is a check- but we post our checks from the phone company for lost quarters as soon as possible, so maybe our perspective isn't perfect.
If you are still waiting, hang in there. The check's in the mail.
Checks for about $30 million have been mailed out so far to individual victims of Bernard L. Madoff's multibillion-dollar Ponzi scheme, according to the court-appointed trustee handling the case.
Those checks are part of $61.4 million already approved for payment by the Securities Investors Protection Corporation, the federally chartered agency which oversees the liquidation of brokerage firms. The total of approved claims is expected to reach $100 million by Memorial Day, the trustee said.
So far, the 125 claims that have been approved for payment add up to losses of $368 million, said Irving H. Picard, the trustee, in a news conference on Thursday.
Of the checks mailed so far, almost all were for $500,000, the maximum protection provided under the S.I.P.C. law.
$30 Million Paid to Madoff Victims [The New York Times]