Feds dole out another 0M to Bernie Madoff victims — total now B

Feds dole out another $370M to Bernie Madoff victims — total now $4B

The Justice Division has doled out greater than $370 million to victims of notorious Ponzi schemer Bernie Madoff — bringing the overall compensation paid out to former shoppers to greater than $4 billion.

“The prison division is proud to proceed offering compensation to victims by way of the most important remission course of the division has overseen,” Assistant Legal professional Common Kenneth Well mannered stated in a press release Wednesday.

“The billions distributed worldwide is a testomony to the division’s sustained efforts to make sure justice for the victims of Bernard Madoff’s huge fraud,” Well mannered stated.

Madoff, who died in federal jail final yr at 82, was jailed in 2009 for pulling off one of the crucial infamous Ponzi schemes in historical past, bilking tens of 1000’s of buyers out of billions of {dollars} by way of Bernie L. Madoff Funding Securities.

The rip-off, which began in 1960, spanned 125 nations and 49 states, with greater than 40,000 victims, together with Madoff’s personal buddies and family members, federal prosecutors stated.

Bernard Madoff died in 2021; the Ponzi scheme extraordinaire was sentenced to 150 years in jail in 2009. Jin Lee/Bloomberg through Getty Photographs

Madoff pleaded responsible to 11 counts of various federal monetary crimes.

The DOJ has been liquidating Madoff belongings and distributing the proceeds to the victims, with about 88% of the cash now returned to his duped shoppers. The feds have made greater than a half dozen funds to assist victims recoup their losses.

A pair of black velveteen slippers embroidered with “BLM” belonging to Bernard Madoff, founding father of Bernard L. Madoff Funding Securities LLC, are displayed previous to an public sale in New York in 2010.
Jonathan Fickies/Bloomberg through Getty Photographs

Vintage golf golf equipment and different ornamental gadgets belonging to Bernard Madoff.
Eliot J. Schechter/Bloomberg through Getty Photographs

A Rolex 18-carat gold chronograph, mannequin 3525 “prisoner watch” is displayed throughout a media preview of the non-public belongings of Bernard Madoff.
Daniel Acker/Bloomberg through Getty Photographs

“The injury perpetrated by Bernard Madoff in historical past’s largest Ponzi scheme reverberates all over the world, devastating 1000’s of victims,” Luis Quesada, assistant director of the FBI’s Felony Investigative Division, stated in a press release Wednesday.

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