Iriving Picard, the trustee in charge of finding and returning as much of the $17.3 billion in principal lost in Bernie Madoff's infamous Ponzi scheme, is ready to give some money back. Specifically, Picard is seeking permission to distribute $272 million of the roughly $10 billion he has recouped to 1,224 of Madoff's account holders (so about $222,000 per account). more ›

Perhaps believing "Once a sucker, always a sucker," a shady group has created a website to scam the victims of Bernard Madoff's Ponzi scheme: The Securities Investor Protection Corporation says it is trying to shut down the "International Securities Investor Protection Corporation," which uses elements from the SIPC website, including its logo and site design. SIPC President Stephen Harbeck said, "We know from information provided to us by individuals that this bogus group is already attempting to obtain funds and confidential financial information from investors in the U.S." more ›

After much debate, a bankruptcy court judge has decided that victims of Bernard Madoff's Ponzi scheme are not entitled to fake profits that Madoff made up. Instead, their losses will be calculated with the formula of "money invested minus money withdrawn." The decision supports trustee Irving Picard's argument and will likely be appealed by the many victims. more ›

A meeting for investors of admitted Ponzi schemer Bernard Madoff was either confirmation of their worst fears or another shattering realization: The trustee overseeing Madoff's estate said that it appeared that the once-revered financial guru made any of the investments that were listed on investors' statements. So while client were told their investments—which were supposedly earning attractive returns— were in stocks and Treasury bills, trustee Irving Picard said, "We have found no evidence to indicate that securities were purchased for customers’ accounts [for] perhaps as much as 13 years... [It was] cash in and cash out." more ›