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The DOJ says its 10th and final distribution from the Madoff Victim Fund (MVF), provided more than $131 million to over 23,000 victims.
The latest distribution marks the culmination of a decade-long effort to recover and return forfeited funds tied to Madoff's fraudulent investment empire. Most victims, primarily small investors, lost less than $500,000 in the scheme.
Principal Deputy Assistant Attorney General Brent S. Wible praised the scope of the asset recovery initiative, noting that it underscores the Justice Department’s commitment to compensating victims.
“This unprecedented scope and complexity of the Madoff remission process shows the power of forfeiture to recover assets and to compensate victims — a primary goal of the department’s Asset Forfeiture Program,” said Wible.
Madoff orchestrated the largest Ponzi scheme in history, stealing billions from investors over decades. Convicted in 2009, he was sentenced to 150 years in prison.
The recovered funds stem from historic civil forfeitures, including $2.2 billion from the estate of deceased investor Jeffry Picower and $1.7 billion from JPMorgan Chase as part of a deferred prosecution agreement.
“This office has never stopped at pursuing justice for victims of history’s largest Ponzi scheme,” said Acting US Attorney Edward Y. Kim for the Southern District of New York. “With this 10th and final distribution, we have succeeded in compensating 40,930 victims with close to 94 percent of their losses.
"As this extraordinary effort demonstrates, this office and MLARS are committed to protecting and assisting victims of crime, no matter how long it takes and no matter how complicated the endeavor.”
The MVF, overseen by Richard Breeden, former SEC Chairman, evaluated over 66,000 claims to compute victim losses and administer payments.
The Justice Department’s Asset Forfeiture Program has returned more than $12 billion to crime victims since 2000. More information about the Madoff Victim Fund is available at www.madoffvictimfund.com.
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