Seven years after Bernie Madoff defrauded his investors out of billions, the majority of his scam victims are going to get the rest of their money back, reports CNBC news.

More than 1,200 people with valid claims who invested up to $1.16 million "will get it back," following a new bankruptcy filing Tuesday morning.

His defrauded clients, which included the elderly and charities, have already been paid back with $7.6 billion, thus far.

Madoff himself is serving a 150-year sentence at a federal prison in North Carolina.