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Madoff trustee ready to distribute $2.6B to victims

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NEW YORK (CNNMoney) — The court-appointed trustee charged with recovering assets stolen by Ponzi schemer Bernard Madoff is ready to distribute $2.6 billion worth of recovered funds to the victims.

This will be the first time that Madoff’s victims will receive recovered funds.

Together on a press call Tuesday, trustee Irving Picard and chief counsel David Sheehan said that they will make a request to federal bankruptcy court at the end of March to free up a portion of the $10 billion in assets that the trustee has recovered so far.

Full Story: Madoff trustee ready to distribute $2.6B to victims – Mar. 8, 2011