12-18-2010 09:00 BJT
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More than seven-billion US dollars in bogus profits will go to the victims of the ponzi scheme run by Bernard Madoff.
The widow of a Florida philanthropist, who had been the single-largest beneficiary of Madoff's Ponzi scheme, has agreed to give back 7.2 billion dollars.
The trustee recovering money for Madoff's burned investors filed court papers formalizing the settlement with the estate of Jeffry Picower.
In a written statement, the widow Barbara Picower says every penny received from almost 35 years of investing with Bernard Madoff will be returned. U.S. Attorney Preet Bharara calls the settlement a "game changer" for Madoff's victims.
It means that a sizable number of victims could get at least half of their money back, a remarkable turnaround for people and institutions that thought they had lost everything.
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