Victims, including 38,860 people, as well as schools, charities and pension plans, will have recovered, on average, 93.71% of their losses
A U.S. government fund designed to compensate people injured by Bernard Madoff announced its tenth and final distribution this Monday, saying it paid out US$4.3 billion to 40,930 victims of the late fraudster responsible for the pyramid scheme known as Ponzi.
Richard Breeden, former chairman of the SEC, the US securities regulator and head of the Madoff Victims Fund, said a final payment of $131.4 million will be distributed to 23,408 claimants, marking the distribution of all assets. confiscated available.
Victims, including 38,860 people, as well as schools, charities and pension plans, will have recovered, on average, 93.71% of their proven losses when the fund, created by the US Department of Justice, closes in 2025.
Additionally, $14.72 billion was recovered for clients of the former Bernard L. Madoff Investment Securities LLC by Irving Picard, the trustee responsible for the company’s liquidation following its 2008 bankruptcy.
This brings the total paid to Madoff’s victims to about $19 billion. Unlike Picard, Breeden also returned money to victims who lost indirectly. Payments were made to claimants in 127 countries.
Madoff’s fraud was estimated to be worth up to $64.8 billion. Madoff pleaded guilty to 11 criminal charges. He died at age 82 in April 2021 while serving a 150-year prison sentence.
