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Some Madoff Investors To Get All Their Money Back

STEVE INSKEEP, HOST:

Now let's talk about paying back the cost of a gigantic fraud. Victims of Bernie Madoff's Ponzi scheme are getting some money back. People who invested less than $1.1 million, the relatively smaller investors, will be paid back in full. That's according to a court appointed trustee. The checks will start going out later this year. From member station WSHU, Charles Lane reports.

CHARLES LANE, BYLINE: Today, trustees have recovered roughly $11 billion. That's almost two-thirds of what people invested with Bernie Madoff.

DAVID SHEEHAN: Seven years ago, no one anticipated that this kind of money would be recovered or returned to victims.

LANE: David Sheehan is one of the lawyers leading the effort to recover funds and get them returned to investors who lost out. He estimates there may be another 3 to $4 billion that is recoverable. Most of that money is in the hands of investors who made withdrawals before the pyramid scheme collapsed.

SHEEHAN: It's not a question of fairness. It's a question of at the end of the day, how do you make everyone whole? And the only way to make everyone whole in the Ponzi scheme is give everybody their money back.

LANE: Sheehan says investors who withdrew early essentially got illegal profits. But Barry Lax disagrees. He represents about 50 Madoff victims fighting to keep what money they got from Madoff.

BARRY LAX: So at the end of the day, they have to now pay back the trustee for things that happened decades ago. It's just blatantly unfair.

LANE: Lawyers estimate it'll take another five years before all the court cases are resolved. In the meantime, Hollywood is exploring the scandal. Both HBO and ABC are currently filming versions of the Madoff saga. For NPR News, I'm Charles Lane in New York. Transcript provided by NPR, Copyright NPR.

Charles is senior reporter focusing on special projects. He has won numerous awards including an IRE award, three SPJ Public Service Awards, a National Murrow, and he was a finalist for the Livingston Award for Young Journalists.

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SOMOS CONNECTICUT is an initiative from Connecticut Public, the state’s local NPR and PBS station, to elevate Latino stories and expand programming that uplifts and informs our Latino communities. Visit CTPublic.org/latino for more stories and resources. For updates, sign up for the SOMOS CONNECTICUT newsletter at ctpublic.org/newsletters.

SOMOS CONNECTICUT es una iniciativa de Connecticut Public, la emisora local de NPR y PBS del estado, que busca elevar nuestras historias latinas y expandir programación que alza y informa nuestras comunidades latinas locales. Visita CTPublic.org/latino para más reportajes y recursos. Para noticias, suscríbase a nuestro boletín informativo en ctpublic.org/newsletters.

The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

Federal funding for public media is under threat and if it goes, the impact to our communities will be devastating.

Together, we can defend it. It’s time to protect what matters.

Your voice has protected public media before. Now, it’s needed again. Learn how you can protect the news and programming you depend on.

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