Madoff’s Ponzi Scheme Final Payoff

The Justice Department December 31 announced the Madoff Victim Fund (MVF) will begin the 10th and final distribution. Over $131.4 million to victims of the Bernard L. Madoff fraud scheme will be distributed in this segment. The funds were forfeit by the U.S. government in connection with the Bernard L. Madoff Investment Securities LLC (BLMIS) fraud scheme.

You have to wonder how so much of this could occur over the years and not be discovered. No audits?

Office of Public Affairs, Justice Department’s 10th Distribution (funds to those who were bilked by Madoff)

Brings Total Provided to Over $4.3B. Nearly Full Recovery to Over 40,000 Victims in Madoff Ponzi Scheme | United States Department of Justice.

The fund was created mainly from settlements between the Justice Department and Madoff’s former bank JP Morgan Chase. Funds also came from liquidation of Madoff’s former firm and the estate of the former Madoff investor Jeffry Picower.

It had $4.05bn at the beginning but grew because the Justice Department recovered more assets. The total Madoff fraud was estimated as high as $64.8bn.

In this distribution, payments will be sent to more than 23,000 victims across the globe. With this 10th distribution, over 40,000 victims in the Madoff scheme will have recovered 93.71% of their fraud losses. Most of these victims were small investors who lost less than $500,000 in the fraud. Through its 10 distributions, MVF has paid over $4.3 billion from forfeited funds to 40,930 victims in 127 countries for losses they suffered from the collapse of BLMIS.

Also: ‘Unprecedented Scope’: Almost All of Bernie Madoff’s Ponzi Scheme Victims Have Recovered Their Losses, According to the DOJ, Entrepreneur.

Madoff Victim Fund | Reaching Victims, Dept. of Justice Asset Forfeiture Distribution System