Bernie Madoff Scam Victims Receive $695M From Compensation Fund

[appalachiablue]

Last edited Thu Nov 29, 2018, 09:54 PM - Edit history (1)

Source: The Guardian

Victims of the fraudster Bernard Madoff are set to receive another $695.3m from a government compensation fund, the Department of Justice announced on Thursday. The payout – the third made by the Madoff Victim Fund – will be distributed starting Thursday to 27,000 victims of the infamous scammer around the world. It will bring the total paid out to victims so far to nearly $2bn, out of more than a total of $4bn that will eventually be paid.

“Bernie Madoff’s scheme devastated retirement and pension funds, charitable organizations and thousands of individual investors,” said US 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,” he said. “Victims who would not have seen a dime in other compensation programs will now recover more than half of their losses.”

The disgraced financier was arrested 10 years ago next month, after years of ripping off investors, many of whom lost their life savings to the scheme. He was sentenced to 150 years in prison for the $65bn fraud, considered the largest Ponzi or pyramid scheme in history.

Money for the fund came from the estate of one of Madoff’s closest friends, Jeffrey Picower, a top investor who profited from Madoff’s scam. His estate handed over $2.2bn to pay back the victims. JP Morgan Chase, which was Madoff’s main bank, also agreed in a settlement to kick in cash, and authorities pursued civil forfeiture actions against Madoff family members and another investor. -MORE...


Read more: https://www.theguardian.com/business/2018/nov/29/bernie-madoff-scam-victims-receive-695m-from-compensation-fund

---

Madoff was sentenced to the maximum 150 yrs. in prison for running the world’s biggest Ponzi/pyramid scheme.

[sandensea]

1. Good. Although he still MADE OFF with the loot.

[appalachiablue]

2. Truth. Return for victims is good. HBO's film 'The Wizard of Lies'

last year was excellent. Robt. De Niro did such a great job and resembled Bernie so much I forgot what the real Madoff looked like.

[sandensea]

3. Thanks for the heads up.

Will check it out.

With de Niro as the lead, I'm embarrassed that I haven't yet done so,

[appalachiablue]

4. Michelle Pfeiffer as Ruth Madoff, also an accurate, scary portrayal.

[sandensea]

5. I can't wait.

Thanks again!

[BigmanPigman]

6. There is some justice still. I almost lost faith in that idea.

[Haggis for Breakfast]

7. Naked. Unrestrained. Remorseless. Greed.

Justice will see him die in prison.

[cactusfractal]

8. Madoff only received "justice" because he took from the rich.

And such a high profile robbing of the 1%, too. Those little people are just collateral damage, and if they had been his only victims, there would be no restitution worth mentioning.

[EarthFirst]

9. This is essentially my thought as well...

As I read this, my initial thought was if the celebrities would receive restitution first; followed by the retail investors.