56°
US Attorney for the Southern District of New York Damian Williams announced that the Madoff Victim Fund will be distributing approximately $372 million to 40,000 victims worldwide who were involved in the fraud scheme.
To date, approximately $4 billion has been distributed to Madoff’s victims.
Williams said that this eighth payment will bring the victims’ total recovery to 88.35 percent of their losses.
An additional $5 billion in assets recovered by the US Attorney’s Office is being separately paid to Madoff victims through 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, benefiting himself, his family, and select members of his inner circle.
Prosecutors said Madoff stole billions of dollars from his clients dating back to the early 1970s.
In June 2009, a federal judge sentenced him to 150 years in prison and ordered him to forfeit $170,799,000,000.
“This Office continues its historic work seeking justice for the victims of Madoff’s heinous crimes,” Williams said.
“But our work is not fully complete, and this Office’s tireless commitment to compensating the victims who suffered as a result of Madoff’s crimes continues.”
Click here to follow Daily Voice Harrison and receive free news updates.
