$568 Million Paid to Bernie Madoff’s Ponzi Scheme Victims, Totaling $18 Billion Recovery

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Bernie Madoff Ponzi Scheme Victim Payouts Overview:

• Why: The US Department of Justice and Madoff’s trustees are still paying out recovery funds.
• Who: About 31,000 victims of Bernie Madoff’s Ponzi scheme will receive another $568 million in payouts, according to a recent announcement.
• Where: Payouts will be made to victims nationwide.

Another $568 million is set to be paid out to victims of Bernie Madoff’s Ponzi scheme in order to help cover their losses due to the scheme. This will boost total recoveries to more than $18 billion.  

Nearly 31,000 victims will receive payouts from the government-run Madoff Victim Fund, overseen by former US Securities and Exchange Commission Chairman Richard Breeden, which pays victims who lost money directly with Madoff and third parties who lost money indirectly. 

Most of the fund’s $4.05 billion came from a settlement between the US Department of Justice and Madoff’s former bank, JPMorgan Chase & Co, and a settlement between the trustee Irving Picard and former Madoff investor Jeffry Picower’s estate.

Bernie Madoff Ponzi Scheme 

News of the Madoff scandal broke in 2008 when Madoff admitted to operating the biggest Ponzi scheme through his wealth management business. Other firms were eventually implicated in the scandal, resulting in several multimillion dollar settlements. 

More than 42,000 people are eligible for payouts, reports Reuters. According to the Justice Department, this latest payout will increase Bernie Madoff Ponzi scheme victims’ recovery from all sources to 81.35 percent of their losses. 

What are your thoughts on the recovery efforts for Bermie Madoff’s Ponzi victims? Sound off in the comments below!

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