Madoff victims receive further $2.4bn

Victims of Bernard Madoff's fraud are being mailed a slice of a $2.4bn payout, bringing their total recovery amount so far to more than triple the amount initially set aside.

Cheques made for between $1,784 and $526.9m were received by the misled investors on Wednesday from trustee Irving Picard, which is handling the liquidation of Bernard L. Madoff Investment Securities LLC. The average payout was $2.02m. However, the total recovery of $3.63bn so far, with victims earlier receiving $1.15bn, is only half of what was lost during Madoff's 20-year deception, according to the Daily Mail. The fraudster (pictured) used his London trading firm to cover up a money laundering operation, which led investors to believe he was investing shares across the European mar...