Most needy Madoff victims to get payout
Posted on: Saturday, 9 May 2009, 14:46 CDT
The most needy victims of Bernie Madoff's Ponzi scheme could be eligible for a quick $500,000 payout, officials said.
The New York Daily News reported Saturday that beguiled investors could get the payout if they are able to prove they're unable to pay their bills.
U.S. Bankruptcy Court trustee Irving Picard on Friday established a hardship program for senior citizens and others who lost their life savings to Madoff's $65 billion fraud. Picard will also consider those who can't care for dependents or have declared personal bankruptcy.
The payouts from the Securities Investor Protection Corp. could be cut as quickly as 20 days after the claim has been received.
To qualify, victims first have to show they lost money to Madoff, and then show hardship such as being forced to return to the workforce following retirement.
Madoff is scheduled to be sentenced in June after pleading guilty to running a Ponzi scheme that prosecutors say spanned more than 20 years. He faces 150 years in prison.
Source: United Press International
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