The Justice Department has announced the commencement of the 10th and final distribution of funds to victims of Bernard L. Madoff's Ponzi scheme. The Madoff Victim Fund (MVF) will distribute over $131.4 million, adding up to a total recovery of more than $4.3 billion for over 40,000 victims globally.
This latest distribution will benefit more than 23,000 individuals worldwide. As a result, victims have now recovered approximately 93.71% of their losses due to the fraud orchestrated by Madoff. The majority of these individuals were small investors who lost less than $500,000.
Brent S. Wible, Principal Deputy Assistant Attorney General and head of the Justice Department’s Criminal Division, stated: “The unprecedented scope and complexity of the Madoff remission process shows the power of forfeiture to recover assets and to compensate victims — a primary goal of the department’s Asset Forfeiture Program.”
Acting U.S. Attorney Edward Y. Kim for the Southern District of New York remarked on this milestone: “With this 10th and final distribution, we have succeeded in compensating 40,930 victims with close to 94% of their losses.”
Assistant Director in Charge James E. Dennehy from the FBI New York Field Office commented on the conclusion: “These victims implicitly trusted Madoff with their investments only to ultimately lose significant monies to his selfish plan.”
The MVF's success is attributed to extensive efforts by various entities including MLARS, which administers victim compensation programs; the U.S. Attorney’s Office for the Southern District of New York; and the FBI.
Bernard L. Madoff's fraudulent activities spanned decades until he pleaded guilty in March 2009 to running what became known as history's largest Ponzi scheme. He was sentenced later that year to 150 years in prison.
Significant portions of recovered funds stemmed from civil forfeiture actions against several parties connected to Madoff’s scheme, including Jeffry Picower's estate and JPMorgan Chase Bank N.A.
The MVF has been overseen by Richard Breeden, former Chairman of the U.S. Securities and Exchange Commission, serving as Special Master appointed by the Justice Department.
For further information regarding eligibility criteria or other inquiries about MVF compensation processes, visit www.madoffvictimfund.com or contact them directly at info@madoffvictimfund.com.