On Wednesday of this week, Irving H. Picard, the trustee for the liquidation of Bernard Madoff's firm, mailed out checks totaling approximately $2.479 billion to Madoff accountholders with allowed claims.

Picard stated that the average payment was slightly more than $2 million, with the smallest check being for $1,784 and the largest for $526 million. He added that after Wednesday's distribution, which is the second that has gone out, 1,074 accounts are now deemed fully satisfied, and 1,048 accounts are partially satisfied and entitled to participate in future interim distributions. Combined with the $1.146 billion that has already gone out via the trustee ($342.5 million) and SIPC ($803.7 million), a total of approximately $3.625 billion has now been returned to Madoff victims.

Picard has recovered or reached agreements to recover more than $9.147 billion in Madoff funds. He stated that this recovery "is nearly 53 percent of the approximately $17.3 billion in principal estimated to have been lost" in the Madoff Ponzi scheme. Al of this money will go to Madoff victims, as the trustee's massive expenses ($621 million for administrative expenses to date) are paid by SIPC from a fund supported by the securities industry.

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