The Department of Justice announced the final distribution from the fund for victims of the Bernie Madoff fraud scheme, sending over $131 million to more than 23,000 victims worldwide. This marks the conclusion of victim compensation efforts, with over $4.3 billion distributed to more than 40,000 victims in nearly 130 countries.
The final distribution from a fund for victims of the fraudster Bernie Madoff began Monday, the Department of Justice said.
Madoff died in prison in 2021 while serving a 150-year sentence for what federal prosecutors have called the largest Ponzi scheme in the world.The last disbursement, of more than $131 million, is being sent to more than 23,000 victims worldwide. When it is completed, more than $4.3 billion will have been distributed by the fund to more than 40,000 victims in nearly 130 countries, the DOJ said.
Madoff was sentenced to 150 years in prison for the fraud, which spanned four decades and involved him paying off customers with money raised from other customers, not with investment trading gains as he claimed.in April 2021, at age 82, at a federal prison facility in North Carolina, nearly a year after he was denied a request for compassionate release due to a terminal kidney disease.
sharply dropped once authorities subtracted the amount of phantom investment gains and interest that Madoff's customers were duped into believing existed.
Bernie Madoff Ponzi Scheme Victim Fund Justice Department Fraud
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