A trustee tasked with returning money to victims of Bernard Madoff's Ponzi scheme fraud says more than $1bn (£610m) has been recovered from investment funds which placed money with the fraudster.
Irving Pickering said the total money recovered now stands at $8.6bn, according to the BBC. Tremont Group was among those funds that settled. The New York-based investment firm was regarded as a feeder fund for Madoff. Madoff is serving 150 years in jail in the US for a $65bn fraud which hit thousands of investors' savings. It unravelled when Madoff's investors, hit by the economic downturn, tried to withdraw about $7bn, but he could not produce the money.
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