Madoff Victims Benefit From $7B Recovery

Madoff Victims Benefit From $7B Recovery

by -

scalesofjusticeThe widow of a Florida philanthropist who had been the single-largest beneficiary of Bernard Madoff’s colossal Ponzi scheme has agreed to return $7.2 billion in bogus profits to the victims of the fraud, she and authorities announced Friday.

“We will return every penny received from almost 35 years of investing with Bernard Madoff. I believe the Madoff Ponzi scheme was deplorable and… it is my hope that this settlement will ease that suffering,” Picower’s wife, Barbara, said.

(READ the AP story at the News Oberserver)