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December 9, 2018

Fund for Bernie Madoff victims gives out another $695 million in restitution

November 29, 2018
Financier Bernard Madoff arrives at Manhattan Federal court on March 12, 2009 in New York City. (Stephen Chernin / Getty Images)

The fund set up to compensate Bernie Madoff’s victims began making its third distribution of $695.4 million Thursday, the Justice Department announced.

The payout brings the fund’s total distribution to nearly $2 billion and will be sent to more than 27,000 victims who were targeted by the Ponzi schemer.

The most recent payments bring their “total recovery” to 56.6%, according to the Justice Department.

“Madoff’s scheme devastated retirement and pension funds, charitable organizations and thousands of individual investors spread across 49 states, the District of Columbia and 121 other countries,” said Assistant Attorney General Brian Benczkowski. “The payments announced today could not have happened without the prosecutors’ relentless pursuit of proceeds of Madoff’s fraud through civil forfeiture.”

Madoff used his perch as chairman of Bernie Madoff Investment Securities, a firm he founded in 1960, to steal billions from investors. In 2009, he pleaded guilty to 11 federal felonies and is now serving out a 150-year prison sentence.

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