BUSINESS

Madoff Victims Payout: 12 To Receive $500,000 Checks

04/09/2009 05:12 am ET | Updated May 25, 2011

Irving H. Picard, the trustee overseeing the liquidation of Madoff's assets, has sent 12 checks to unnamed victims of the alleged fraud for $500,000 each.

The money comes from the Securities Investor Protection Corporation, or SIPC.

According to CNBC, the victims who are receiving these checks had a unique set of circumstances: they never withdrew funds from their accounts, and have the paperwork to prove it.

The maximum payout under CIPC is $500,000, and it is not clear whether these checks will make the victims whole.

On Thursday, Madoff is scheduled to appear in court and enter a guilty plea for the supposed $50 billion scam.

Victims who would like to testify at the hearing have until Wednesday morning to notify the court.

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