So far investors have recovered very little of their investments, and their frustration is brewing. The trustee charged with overseeing the recovery and distribution of lost monies, Irving Picard, has collected $8.69bn – roughly half the $17.3bn in customer funds estimated to have been lost to the fraud….
But because of several appeals and legal challenges, only $325m has been distributed to 1,232 Madoff account holders. In that initial distribution, made in October, customers received a pro-rata share of roughly 5 cents on the dollar.
Read more: Frustration mounts over Madoff backlog — Financial Times