Irving Picard has picked the pockets of another Ponzi profiteer.

The court-appointed trustee in charge of returning funds to victims of Bernie Madoff’s massive Ponzi scheme secured another $500 million Monday, tipping the amount of recovery past $10 billion.

Picard said two Cayman Island feeder funds, which are in liquidation, have agreed to settle for $497 million.

The agreement — slated for bankruptcy-court approval on Dec. 17 — assures the recovery of 59 percent of $17.5 billion in principal lost by Madoff’s decades-long scam.

It also increases the customer recovery fund to $10.3 billion, of which $6 billion has already been distributed.

Those distributions, Picard said, have made whole all 1,131 victims of the fraud who submitted claims for less than $925,000.

The trustee has allowed a total of 2,528 claims arising from the scheme that ended in December 2008, after Madoff’s confession to his sons led to charges of criminal securities fraud.

Madoff, 76, is serving a 150-year sentence at Butner Federal Correctional Complex in North Carolina for perpetrating the largest-ever Ponzi scheme.

In addition to burning through $17.5 billion of his customers’ principal, Madoff issued monthly statements to nearly 5,000 clients claiming he was managing $65 billion in what turned out to be almost entirely fictitious assets.

Monday’s agreement with Herald Fund and Primeo Fund, which were mostly feeder funds to Madoff, calls for $29 million from Primeo and $468 million from Herald representing 100 percent of withdrawals from Madoff’s fund.

In exchange, the trustee will pay Herald the $258 million that the fund is owed as a catch-up distribution and that will ultimately be distributed to its clients who indirectly invested with Madoff.