NEW YORK (WCBS 880) — A fund distributed more than $568 million to victims of Bernie Madoff’s infamous Ponzi scheme, officials announced Thursday.
It was the seventh distribution so far by the Madoff Victims Fund, which has sent out about $3.7 billion. By the time the process is complete, it will be the largest payment of forfeited funds in the history of the Department of Justice’s Victim Compensation Program, officials said.
The latest funds were sent to nearly 31,000 people worldwide, with 2,600 victims seeing their first payment this time around.
The overall recovery from all sources of compensation is now at over 81% of previous losses, according to officials.
Another $5 billion in recovered assets is being separately paid to Madoff victims through the BLMIS Customer Fund administered by the Securities Investor Protection Act Trustee.
“Our work is not yet finished, and the office’s tireless commitment to compensating the victims who suffered as a result of Madoff’s heinous crimes continues,” said Manhattan U.S. Attorney Audrey Strauss.
Madoff pleaded guilty to 11 federal felonies in 2009, admitting that he turned his position as chairman of BLMIS into a massive Ponzi scheme that benefitted himself, his family and other close acquaintances.
Madoff was sentenced to 150 years in prison, and was ordered to forfeit $170,799,000,000. He died in a North Carolina federal prison in April at 82 years old.
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