Officials: Big Payout Coming for Most Madoff Victims

Lawyers to dispense $1M to most Ponzi scheme investors.
2:17 | 10/20/15

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Transcript for Officials: Big Payout Coming for Most Madoff Victims
To a major milestone for all those people who lost so much money in the Bernie Madoff scandal. Brian Ross is here. ABC news exclusive with the latest. Good morning, Brian. Reporter: Good morning. There's some good news for the victims of Bernie Madoff wiped out in what was the largest financial crime in American history. What do you have to a to the public? To your investors? Reporter: When Bernie Madoff's massive Ponzi scheme was uncovered seven years ago there was little hope his investors would get back any of their money. This morning officials and bankruptcy lawyers tell ABC news they have now recovered more than $11 billion of the $17 billion that was lost. The calculations are that anyone who put in 1 million, $161,000 is going to be made completely whole in this distribution. Reporter: Is 100% back. Yeah and that's most of the people who had valid claims. Reporter: A huge relief for hundreds of victims who lost their life savings to Madoff including many outside the courthouse when he was sentenced to life in prison. You jerk. How could you possibly live with yourself. Reporter: The biggest chunk of missing money was recovered from one palm beach lawyer found dead at his swimming pool less than a year after Madoff was arrested. Officials now say they have determined Jeffrey pickour was in on the scheme and his widow turned over virtually every dollar he made in the Madoff scheme, more than Madoff himself. I think it was Mr. Pickour probably as an individual by far made the most money. Reporter: The bankruptcy trustee is still in court with his widow Madoff to get even more money for the victims. The Madoff case has also made the huge teams of bankruptcy lawyers very rich. They collectively got paid $1 billion in fees over the last seven years which they say was a good investment given the 11 billion they have recovered. $7 billion that -- That's what he took out. He's considered probably one of the -- probably the most successful person in the Madoff scheme. He got a lot more than Madoff. And where's Madoff now? What's happening? He's locked up in a federal prison in North Carolina where he is spend the rest of his life.

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