The Madoff Victim Fund has made its final batch of payments, compensating nearly 41,000 victims across 127 countries with over $131 million. This brings the total compensation, funded by assets recovered from late investor Jeffry Picower’s estate and others, to $4.3 billion.
According to the US Department of Justice, this round of payouts covers almost 94% of the proven losses for each victim. The fund has been distributing payments since 2017 and has helped victims recover a significant portion of their losses, averaging around $250,000 per small investor.
Madoff’s scheme, which netted him $20 billion, was exposed during the global financial crisis in 2008. The late financier died in 2021, serving a 150-year prison sentence for his crimes. In addition to the Madoff Victim Fund, victims have also received compensation through court-appointed trustee Irving Picard, who has distributed almost $14 billion to former Madoff customers.
Source: https://edition.cnn.com/2024/12/31/business/bernie-madoff-victim-compensation-final-intl/index.html