The US Department of Justice announced that the final distribution from a fund for victims of Bernie Madoff’s Ponzi scheme has been completed, bringing recovery to nearly 94% of losses.
The 10th and final payment, worth over $131 million, was sent to more than 23,000 victims worldwide. Since its inception, the Madoff Victim Fund has distributed over $4.3 billion to over 40,000 victims in nearly 130 countries, accounting for approximately 94% of estimated total losses.
The fund’s distribution is a result of civil forfeiture actions against various parties involved in the scheme, including investors and companies that facilitated Madoff’s operations. Notable contributors include JPMorgan Chase, which donated $1.7 billion, and investor Carl Shapiro, whose family had assets seized as part of a forfeiture action.
With its completion, the final payout marks an unprecedented conclusion to victim compensation from civil forfeiture actions related to the Madoff scheme. The fund’s efforts bring closure to nearly 94% of victims who were duped by Madoff’s infamous Ponzi scheme, which spanned four decades and resulted in losses estimated at over $65 billion.
Source: https://www.cnbc.com/2024/12/30/bernie-madoff-victim-fund-ponzi-scheme-doj.html