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Acting U.S. Attorney for the Southern District of New York Audrey Strauss announced that the Madoff Victim Fund will be distributing approximately $488 million to more than 37,000 of his victims involved in the fraud scheme. To date, approximately $2.7 billion has been distributed to Madoff’s victims.
Strauss said that this sixth payment will bring the victims’ total recovery to 80.05 percent of their losses.
Ultimately, more than $4 billion will be returned due to losses suffered in Madoff’s Ponzi Scheme. An additional $5 billion in assets recovered by the U.S. Attorney’s Office are being separately paid to Madoff victims a separate fund administered by the Securities Investor Protection Act Trustee.
Madoff pleaded guilty to 11 federal felonies in 2009, admitting that he had turned his wealth management business into the world’s largest Ponzi scheme, benefitting himself, his family, and select members of his inner circle.
Madoff was sentenced to 150 years in prison and ordered to forfeit $170,799,000,000.
"This Office continues its efforts to seek justice for victims of history’s largest Ponzi scheme," Strauss said in a statement. "Today’s additional payments of more than $488 million by this Office and the U.S. Department of Justice Criminal Division’s Money Laundering and Asset Recovery Section represent the sixth in a series of distributions that will leave victims with compensation for more than 80 percent of their losses.
"That is an extraordinary level of recovery for a Ponzi scheme—but our work is not yet finished."
Assistant Attorney General Brian C. Rabbitt added: “With the $488 million distributed today, the department has now returned almost $3.2 billion to Madoff’s victims, allowing them to recover more than 80 percent of what they lost.
"This exceptional work – and there is more to come – has been made possible by the department’s steadfast commitment to the pursuit of the proceeds of fraud through civil forfeiture.”
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