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Thursday, August 6, 2009

IRS starts sending refund checks to Madoff victims



The Internal Revenue Service has begun to send refund checks to Madoff investors who paid taxes on money they thought they had made before the massive fraud was revealed.

An early trickle of refunds includes checks for substantial amounts, nearly half a million dollars in some cases. The very biggest sums haven’t materialized, however, according to certified public accountants. By some estimates, these could be for tens of millions of dollars.

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