Victims Of Madoff Ponzi Scheme Receive Additional $568Mln Distribution - Justice Dept

Nearly 31,000 victims of Bernie Madoff's ponzi scheme have received an additional $568 million in financial recovery payments, the US Justice Department said in a statement issued Thursday

WASHINGTON (UrduPoint News / Sputnik - 16th September, 2021) Nearly 31,000 victims of Bernie Madoff's ponzi scheme have received an additional $568 million in financial recovery payments, the US Justice Department said in a statement issued Thursday.

"The Department of Justice announced today that the Madoff Victim Fund (MVF) began its seventh distribution of approximately $568 million in funds forfeited to the U.S. government in connection with the Bernard L. Madoff Investment Securities LLC (BLMIS) fraud scheme, bringing the total distributed to over $3.7 billion to nearly 40,000 victims worldwide," the statement said.

The payment will be sent to 31,000 victims across the globe, and for more than 2,600 of those victims, it will be their first distribution received from the Madoff Victim Fund. This seventh installation will bring the victims' total recovery to about 81 percent, the Justice Department added.

Madoff was sentenced to 150 years in prison in 2009 for his crimes, which the Justice Department calls the largest fraudulent scheme in history. He died at the age of 82 from natural causes in April, 2021.