Madoff Sufferer Fund Makes Remaining Distribution

the Ministry of Justice It stated Monday (Dec. 30) that it has recovered roughly 94% of fraud losses for victims of the Ponzi scheme during which Bernard Madoff pleaded responsible in 2009.

The company stated this on Monday press release commercial Madoff Victims FundThe tenth and ultimate distribution of victims.

The assertion said that the distribution of $131 million introduced the whole quantity paid by the Madoff Victims Fund to victims of the Madoff scheme to greater than $4.3 billion.

“The unprecedented scope and complexity of the Madoff remission course of demonstrates the facility of forfeiture to get well belongings and compensate victims – a main objective of the Division’s Asset Forfeiture Program,” Principal Deputy Assistant Legal professional Basic Brent S. WhippleThe top of the Felony Division of the Ministry of Justice stated within the assertion.

The ultimate distribution, led by the Felony Division’s Cash Laundering and Asset Restoration Part, achieved “nearly full restoration” for greater than 40,000 victims of Madoff’s crimes, Whipple stated.

Of the whole quantity out there to victims, roughly $2.2 billion was raised as a part of civil forfeiture restoration from the property of deceased Madoff investor Jeffrey Picower; One other $1.7 billion was raised as a part of a deferred prosecution settlement with… JPMorgan Chase Bank NA and civil confiscation in a parallel continuing; The rest was collected by a civil forfeiture motion towards investor Carl Shapiro and his household and thru civil and prison forfeiture actions towards Madoff, Peter B. Madoff and their co-conspirators, in accordance with the discharge.

“As this extraordinary effort demonstrates, this workplace and MLARS are dedicated to defending and aiding victims of crime, irrespective of how lengthy it takes and irrespective of how advanced the endeavor,” Performing U.S. Legal professional stated. Edward Y. Kim For the Southern District of New York, the assertion stated.

Bernie Madoff died in April 2021, ending one chapter of his writing Historical fraud and large manipulation of the monetary system, PYMNTS reported on the time.

Madoff, the previous Nasdaq chairman turned funding fund supervisor, oversaw the Ponzi scheme for greater than a decade till the 2008 monetary disaster despatched traders scrambling to say their cash — and studying the cash by no means existed.