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Trustee in hunt for Madoff money

NEW YORK, April 29 (UPI) -- The trustee in charge of the remains of admitted swindler Bernard Madoff's financial empire has located almost $7 million in a New York bank.

Lawyer Irving Picard reported Wednesday that Madoff had six accounts in the Bank of New York, including one that contained about $6.5 million, Newsday said. The others were much smaller, with one holding only $5,372.

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The money is to be used to reimburse the victims of Madoff's Ponzi scheme.

Castor Pollux Securities Llc agreed Tuesday to buy Madoff's market-making operation for $25.5 million, payable over four years. That money goes into the kitty as well.

So far, Picard has located $950 million to $1 billion for the investors' reimbursement fund, a tiny fraction of what investors lost. Picard is also trying to "claw back" money paid to some of Madoff's investors.

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