Bernie Madoff victims in line for complete or majority payback

Bernie Madoff. Credit: U.S. Department of Justice.

( A majority of victims of the massive Ponzi scheme perpetrated by American Jewish investment advisor Bernie Madoff are in line for significant payback.

According to a motion filed Tuesday in New York City bankruptcy court, Madoff victims who invested up to $1,161,000 will "be made completely whole," while those who invested more will recoup at least 61 percent of their investments if their claims are approved, said Stephen Harbeck, president and CEO of the Securities Investors Protection Corporation. Harbeck told ABC News that the ruling affects a majority of those who had valid claims of being a Madoff victim.

“Coming out of a Ponzi scheme with 61 percent of what you started out with is a major victory,” said Harbeck.

Jewish communal institutions, such as Hadassah and Yeshiva University, were hit particularly hard by Madoff’s Ponzi scheme.

Posted on October 21, 2015 .