Madoff losses near $3 billion
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The Associated Press - Published: July 2, 2009
With thousands of claims still pending, the documented total of cash losses in Bernard L. Madoff's Ponzi scheme is nearly $3 billion, according to the bankruptcy trustee overseeing the claims process.
The trustee, Irving H. Picard, reported on Wednesday that 543 of the 8,800 filed claims had been processed. Those claims — which reflect the difference between the cash invested and the cash withdrawn — total $2.97 billion.
At Madoff's sentencing hearing on Monday, federal prosecutors said that net cash losses in accounts opened since 1996 would total at least $13 billion.
Records for older accounts must be converted from microfilm before the accounts can be reconstructed, according to the trustee's office.
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