The first checks to investors defrauded by Bernie Madoff will be mailed out on Wednesday, the trustee overseeing the liquidation of the investment fund said.
The trustee, Irving Picard, said in a statement quoted by Reuters that the initial disbursement will total $312 million in recovered money, and will represent a payout of about 4.6 cents for every $1 lost to the 1,230 accounts included.
Madoff, who ran a classic Ponzi scheme, was arrested in December 2008 and pleaded guilty in March 2009. He is serving a 150-year prison term.