Madoff victim fund receives over 9,000 claims, extends deadline
Published on Feb 22, 2014 1:42 AM
NEW YORK (REUTERS) - More than 9,000 claims from people who say they were defrauded by Bernard Madoff have been submitted to a US$4.05 billion (S$5.13 billion) fund set up by the US government, and victims of the swindler's Ponzi scheme were given two more months to seek compensation.
Richard Breeden, a special master who oversees the Madoff Victim Fund, and US Attorney Preet Bharara in New York on Friday extended the claims deadline to April 30 from Feb. 28.
Breeden said the pace of claims has "accelerated dramatically" as more people learn about his fund, which was collected by the US Department of Justice and established in November. He also said many claims are complex, often involving investments that flowed through three or more intermediaries.
"Thousands of additional claimants will benefit from having a bit more time," he said in a statement.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here