34°
U.S. Attorney Geoffrey Berman announced that the Madoff Victim Fund will be distributing $378.5 million to more than 26,000 of his victims involved in the fraud scheme. To date, approximately $2.7 billion has been distributed to Madoff’s victims.
Berman said that the fifth payment will bring the victims’ total recovery to 73.65 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," Berman said in a statement. "Today’s additional payment of more than $378 million by this Office and the U.S. Department of Justice Criminal Division’s Money Laundering and Asset Recovery Section represents the fifth in an on-going series of distributions that will leave victims with compensation for more than 73 percent of their losses.
"But our work is not yet finished, and this extraordinary level of recovery represents this Office’s ongoing and tireless commitment to compensating the victims who suffered as a result of Madoff’s predatory criminal scheme.”
Assistant Attorney General Brian Benczkowski stated: “It is entirely fitting during this Crime Victims’ Rights Week that the department is able to make the latest distribution from the Madoff Victims Fund.
"All of this has been made possible by the department’s steadfast commitment to the pursuit of the proceeds of fraud through civil forfeiture.”
Click here to follow Daily Voice Monsey and receive free news updates.
