Criminal Justice

Madoff Victims Get $2.4 Billion

Average payout per victim is $2.02 million

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Victims of Bernard Madoff's fraud will soon receive $2.48 billion to help cover their losses, more than tripling their total recovery to about $3.63 billion, the trustee liquidating the imprisoned swindler's firm said.

Checks ranging from $1,784 to $526.9 million were mailed on Wednesday to 1,230 former customers of Bernard L. Madoff Investment Securities LLC, according to trustee Irving Picard. The average payout is $2.02 million.

Madoff's victims earlier recovered $1.15 billion, including sums committed by the Securities Investor Protection Corp, which helps customers of failed brokerages.