$231 million set for Madoff fraud victims

The court appointed trustee acting in the Bernard Madoff affair, Irving Picard, says he has set aside $231 million to compensate victims. He also says he has only processed 543 claims --- out of a total of 10,000 --- brought by former Madoff clients, who are owed almost $3 billion. The announced $231 million is the maximum that can be covered through the Securities Investors Protection Corp (SIPC) which guarantees brokerage accounts for a maximum $500,000.