The Bernard L. Madoff Investment Securities LLC Victim Fund has made its final payment, distributing $131 million to over 23,000 victims worldwide. The fund has paid more than $4 billion to nearly 41,000 people in 127 countries since the collapse of Madoff’s investment house in 2009.
This marks the completion of a decade-long process, with 94% of losses recovered by those affected. Most victims lost less than $500,000 in the scam, according to federal prosecutors. The funds will be distributed among 23,000 investors worldwide, providing relief to many who were devastated by Madoff’s scheme.
US Attorney Edward Y. Kim stated that his office has pursued justice for victims of the largest Ponzi scheme in history. Meanwhile, Principal Deputy Assistant Attorney General Brent Wible highlighted the effectiveness of forfeiture in recovering assets and compensating victims.
Madoff founded his investment firm in 1960 and used it to steal billions from clients, turning it into a massive Ponzi scheme that benefited himself, his family, and select individuals close to him. He was sentenced to 150 years in prison, where he died in 2021.
Source: https://abcnews.go.com/Business/fund-bernie-madoff-victims-begins-final-payout-131/story?id=117208247