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Thu Nov 29, 2018, 07:42 PM

Bernie Madoff Scam Victims Receive $695M From Compensation Fund

Last edited Thu Nov 29, 2018, 08:54 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.

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Reply Bernie Madoff Scam Victims Receive $695M From Compensation Fund (Original post)
appalachiablue Nov 29 OP
sandensea Nov 29 #1
appalachiablue Nov 29 #2
sandensea Nov 29 #3
appalachiablue Nov 29 #4
sandensea Nov 29 #5
BigmanPigman Nov 29 #6
Haggis for Breakfast Nov 29 #7
cactusfractal Nov 30 #8
EarthFirst Nov 30 #9

Response to appalachiablue (Original post)

Thu Nov 29, 2018, 07:47 PM

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

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Response to sandensea (Reply #1)

Thu Nov 29, 2018, 07:59 PM

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.

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Response to appalachiablue (Reply #2)

Thu Nov 29, 2018, 08:13 PM

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,

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Response to sandensea (Reply #3)

Thu Nov 29, 2018, 08:48 PM

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

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Response to appalachiablue (Reply #4)

Thu Nov 29, 2018, 08:50 PM

5. I can't wait.

Thanks again!

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Response to appalachiablue (Original post)

Thu Nov 29, 2018, 08:57 PM

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

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Response to appalachiablue (Original post)

Thu Nov 29, 2018, 10:21 PM

7. Naked. Unrestrained. Remorseless. Greed.

Justice will see him die in prison.

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Response to appalachiablue (Original post)

Fri Nov 30, 2018, 07:51 AM

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.

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Response to cactusfractal (Reply #8)

Fri Nov 30, 2018, 08:27 AM

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.

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