First checks sent to victims of Madoff’s Ponzi scheme

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NEW YORK (CNNMoney) — Nearly three years after Bernard Madoff’s Ponzi scheme unraveled, his victims are getting their first piece of the stolen funds.

Some $312 million in recovered money will be distributed on Wednesday, said Irving Picard, the trustee in charge of liquidating Madoff’s securities firm.

“This distribution is the first return of stolen funds to Madoff’s defrauded customers,” Picard said. “The need among many Madoff customers is urgent, and we are working to expedite these distributions.”

The distribution is being made to the holders of 1,230 accounts and represents about 4.6 cents on the dollar of losses they incurred.

Full story: Madoff victims to get their first checks