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$231 million set aside to cover Madoff claims
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Published: July 2, 2009
NEW YORK - A court-appointed trustee unraveling Bernard Madoff's massive fraud so far has allotted $231 million from a securities industry fund that compensates victims - a record amount for the fund, but a mere fraction of what was lost.
In a statement Wednesday, Trustee Irving Picard said to date he has processed 543 claims brought by Madoff's burned clients, and concluded they are owed nearly $3 billion.
However, only $231 million can be covered through the Securities Investors Protection Corp. or SIPC, which is authorized by Congress to guarantee brokerage accounts for a maximum of $500,000.
The Associated Press
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