U.S. announces distribution of $372 million to victims of Madoff scheme -statement
2022.09.28 12:31
© Reuters. FILE PHOTO: An American flag waves outside the U.S. Department of Justice Building in Washington, U.S., December 15, 2020. REUTERS/Al Drago/File Photo
WASHINGTON (Reuters) – The U.S. Justice Department on Wednesday announced the distribution of $372 million to victims of Bernie Madoff’s ponzi scheme, putting total recoveries above $4 billion, the agency said in a statement.
Madoff died at age 82 last year in federal prison, where he was serving a 150-year sentence. His massive scheme, estimated as high as $64.8 billion, went undiscovered for years and ensnared thousands of victims, including charities, hedge funds, celebrities and pension funds.
Another $14.5 billion has been recouped for victims of the former Bernard L. Madoff Investment Securities LLC by a court-appointed trustee liquidating that firm in bankruptcy.
