Madoff's Ponzi victims get first payout

Victims who lost all the money they invested under Bernard Madoff's Ponzi scheme will soon be getting part of the funds they lost to the now-incarcerated fraudster. CNNMoney reports that almost three years after one of the biggest scams in history was uncovered, victims will be splitting $312 million in recovered assets. While many will be pleased to get some of their money back, the funds represent just 4.6 cents out of each dollar lost. The trustee who is charged with distributing the funds, Irving Picard, said that many had a pressing need to get revenue. "This distribution is the first return of stolen funds to Madoff's defrauded customers," Picard said in an interview with the news provider. "The need among many Madoff customers is urgent, and we are working to expedite these distributions." As was widely reported, Madoff pleaded guilty on March 12, 2009, to a total of 11 felony counts related to the scam that defrauded investors out of billions.