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Madoff Scandal: The Final Minions Meet Their Fate. After more than six years and 15 convictions, the Bernie Madoff Ponzi scheme, which cost his investors an estimated $50 billion, is finally coming to close. Continue Reading Below.
The $312 million is a fraction of the $9 billion dollars Picard said he has recovered so far more, much of it from the estate of one investor, the late Jeffry Picower. The bulk of the recovered funds, however, remains tied up in litigation. Madoff victims lost a combined $17 billion, according to Picard's calculations.