The major investors in financing of Bernard Madoff Ponzi scheme, Jeffry Picower estate has agreed to reimburse 7.2 billion for the victims of fraud in a settlement with the trustee in bankruptcy of the enterprise investment and federal prosecutors in Manhattan, according to people familiar with the situation.
The colony is by far the largest Ponzi scheme funding and would quadruple the amount of money recovered victims to this day.
Preet Bharara, the u.s. Attorney in Manhattan, called the colony a "truly staggering sum, which was really still money from others."
By virtue of the regulation approved by Mr. Picower...
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