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Madoff swindle costs $21.2bn
THE total amount lost in Bernard Madoff’s fraudulent Ponzi scam has now climbed to $21.2bn (£12.9bn) – a stark rise from the $13bn the government estimated in June.
Court appointed trustee Irving Picard yesterday said that after examining accounts dating back to 1983 the losses were deeper than previously thought and said “there definitely will be further lawsuits”.
The Securities Investor Protection Corporation has so far repaid $534m to 1,368 Madoff victims – less than three per cent of the $21.2bn that has been lost.