Economy

Bernie Madoff Ponzi Scheme Victims Get Payback ... $772 Mil and More Coming!!!

Bernie Madoff Ponzi Scheme Victims Get Payback ... $772 Mil and More Coming!!!”

The fund, established by the Justice Department to handle victim complaints, was tasked with returning $4 billion seized by American authorities.

Bernie Madoff 's victims will start to see some monetary relief soon.

The federal Madoff victim fund is working with a total of more than $4 billion and, through various lawsuits and clawback actions, Picard has recovered almost $14 billion so far.

It has taken almost seven years but the US government is finally dipping into some of the billions it recovered from the Bernard Madoff fraud and will begin paying out $772.5 million to more than 24,000 investors worldwide, officials said Thursday.

Rosenstein called the distribution the largest restoration of property ever.

As you'll recall. Madoff pled guilty to 11 federal felonies for his notorious investment fraud scheme in 2009 and was sentenced to 150 years in prison.

The MVF's payouts would not have been possible without the extraordinary efforts of the U.S. Department of Justice Criminal Division's Money Laundering and Asset Recovery Section, the U.S. Attorney's Office for the Southern District of NY, and the Federal Bureau of Investigation in the prosecution of these crimes and the recovery of assets supporting the forfeiture in this case.

When investors filed a class action lawsuit against Madoff, a court appointed the attorney Irving Picard to help them get their money back.

The U.S. government took that tack, too.

The bank insisted that its employees did not knowingly assist in the crimes.

Of the approximately $4.05 billion that will be made available to victims, approximately $2.2 billion was collected as part of the historic civil forfeiture recovery from the estate of deceased Madoff investor Jeffry Picower.

Picower is said to have benefited the most from Madoff's scheme, though his wife has denied his involvement.

The U.S. collected additional funds through forfeiture actions against Madoff, his co-conspirators and certain Madoff investors, according to officials. Those assets will be split between the federal victim fund and Picard's customer fund, the officials said.

Rosenstein, the deputy attorney, defended the use of the program in the Madoff case in a Wall Street Journal op-ed on Thursday. "Many criminals transfer ill-gotten gains to relatives or friends, and others use couriers to transport cash".



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