7.2 Billion settlement raises hopes for the victims of Madoff (latimes)

Statement from New York and Los Angeles - the estate of a man who pocketed 7.2 billion funding Bernard l. Madoff Ponzi scheme has agreed to reimburse this amount, which raises the surprising ability who could be victims of massive fraud reimburses most of what they invested in it.

The colony, confiscation civil made Beaver ever being returned by Jeffry Picower, widow of Florida investor and philanthropist seems to be the largest single recipient of Madoff Ponzi scheme.

The agreement most quadruple the amount available to reimburse victims of Madoff to about 10 billion - approximately half of the estimated amount lost by involuntary investors.

The trustee appointed to the Court, overseeing the succession of the Madoff recently filed several lawsuits that could recover substantial additional funds for the victims.

"Regulation unprecedented... makes important financial restitution to the victims of Madoff hope a reality," said Janice k. Fedarcyk, head of the FBI New York Office. "People who faced a devastating prospect of losing two years ago but now stand to retrieve about half of their investment - and the concerted effort continues to retrieve every available penny."

The amount recovered in favour of the victims of Madoff remains far from 65 billion that investors believed that they have in their accounts of the Madoff Office in New York, just before his regime was discovered in December 2008. But the researchers estimate that true losses – the amount given to Madoff less any withdrawal - only $ 20 billion. Whatever it is, moreover, they said, represented gains shadow created by Madoff of thin air.

Fred Silton, 87, a real estate in Los Angeles that fraud has been exposed to start after waiting investor who had entrusted money with Madoff, said return with little or nothing. But he said work from that the trustee had given hope.

"To achieve that much of a return to this point is incredible", he said.

Recently, professional speculators Silton said, had offered to pay him as much as 34 cents for every dollar, he claimed right to any refund obtained exchange losses. These offers are now low, he said.

"I think that the best move is just wait and see, especially with all the new activity that takes place," he said.

Trustee, Irving Picard, said during a Friday press conference that he hoped to begin to distribute the money at the beginning of next year. It is also possible that recoveries exceed 20 billion dollars in losses estimated actual.

Picard filed lawsuits to 55 billion banks and investors who said benefited or assisted by regime of Madoff and many of these cases are is just beginning to work through the system.

Appearing at the press conference of Picard, Manhattan u.s. Atty. Preet Bharara referred "effort will continue to be victims of Madoff together."

Huge regime of the Madoff has attracted thousands of investors after that he started in the 1980s. When it was exposed it appeared for the life of many economies.

Since more than 16,000 people filed claims indicating they lose money. Picard said that he could return money only to persons who invested with Madoff, creating confusion for thousands of people who had tied up with Madoff feeder so-called money funds.

Picard said team it is almost finished processing victims and approved 5.9 billion in payments to investors 2.363.

In a gesture controversial, Picard tried to "claw back" Madoff clients more accounts that they withdraw money initially in - even if they sincerely believed they had earned it and in some cases removed money had already spent.

A recent example, the Jewish charity Hadassah decided to repay the $ 45 million was taken out of its accounts Madoff.

Picower and his charities and companies had invested with Madoff $ 619 million and taken to $ 7.8 billion.