The Department of Justice announced the final distribution from the fund for victims of the Bernie Madoff Ponzi scheme. Over $4.3 billion has been distributed to more than 40,000 victims globally.
The final distribution from a fund for victims of the fraudster Bernie Madoff began Monday, the Department of Justice said. When the last disbursement 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 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. 'Today's distribution represents an unprecedented conclusion of victim compensation from civil forfeiture actions related to the Madoff scheme,' said FBI New York Field Office Assistant Director in Charge James Dennehy. 'These victims implicitly trusted Madoff with their investments only to ultimately lose significant monies to his selfish plan,' Dennehy said.Madoff, who was head of Bernard L. Madoff Investment Securities in New York, pleaded guilty in March 2009 to 11 felonies related to what federal prosecutors have said was the largest Ponzi scheme in the world. 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. He died 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
BERNIE MADOFF PONZISCHEM VICTIM FUND CRIMINAL JUSTICE INVESTMENTS
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