The Justice Division December 31 introduced the Madoff Sufferer Fund (MVF) will start the tenth and remaining distribution. Over $131.4 million to victims of the Bernard L. Madoff fraud scheme will probably be distributed on this phase. The funds had been forfeit by the U.S. authorities in reference to the Bernard L. Madoff Funding Securities LLC (BLMIS) fraud scheme.
You must marvel how a lot of this might happen through the years and never be found. No audits?
Workplace of Public Affairs, Justice Division’s tenth Distribution (funds to those that had been bilked by Madoff)
Brings Complete Offered to Over $4.3B. Practically Full Restoration to Over 40,000 Victims in Madoff Ponzi Scheme | United States Division of Justice.
The fund was created primarily from settlements between the Justice Division and Madoff’s former financial institution JP Morgan Chase. Funds additionally got here from liquidation of Madoff’s former agency and the property of the previous Madoff investor Jeffry Picower.
It had $4.05bn at first however grew as a result of the Justice Division recovered extra property. The whole Madoff fraud was estimated as excessive as $64.8bn.
On this distribution, funds will probably be despatched to greater than 23,000 victims throughout the globe. With this tenth distribution, over 40,000 victims within the Madoff scheme may have recovered 93.71% of their fraud losses. Most of those victims had been small buyers who misplaced lower than $500,000 within the fraud. By way of its 10 distributions, MVF has paid over $4.3 billion from forfeited funds to 40,930 victims in 127 nations for losses they suffered from the collapse of BLMIS.
Additionally: ‘Unprecedented Scope’: Nearly All of Bernie Madoff’s Ponzi Scheme Victims Have Recovered Their Losses, Based on the DOJ, Entrepreneur.
Madoff Sufferer Fund | Reaching Victims, Dept. of Justice Asset Forfeiture Distribution System
