The fund disbursing cash to the victims of Bernie Madoff’s legendary Ponzi scheme started its tenth and closing distribution on Monday, placing one other $131 million within the pockets of swindled buyers.
Twenty-three thousand victims worldwide are receiving funds, bringing their complete recoveries to 94% of their losses. Most of those victims had been small buyers who misplaced lower than $500,000 within the fraud, in response to federal prosecutors.
For the reason that collapse of Madoff’s funding home and his 2009 responsible plea, the Madoff Sufferer Fund has paid greater than $4 billion to almost 41,000 victims in 127 international locations.
Bernard Madoff, founding father of Bernard L. Madoff Funding Securities LLC, leaves federal court docket in New York, March 10, 2009.
Jin Lee/Bloomberg through Getty Pictures
“This workplace has by no means stopped pursuing justice for victims of historical past’s largest Ponzi scheme,” appearing U.S. Legal professional Edward Y. Kim stated.
For many years, Madoff used the funding advisory enterprise he based in 1960 to steal billions from his shoppers, turning his wealth administration agency into the world’s largest Ponzi scheme to profit himself, his household and choose members of his internal circle.
He was sentenced to 150 years in jail, the place he died in 2021.
“The unprecedented scope and complexity of the Madoff remission course of reveals the ability of forfeiture to recuperate property and to compensate victims,” Principal Deputy Assistant Legal professional Basic Brent Wible stated in a press release on Monday.
