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Eugene

(61,592 posts)
Thu Nov 29, 2018, 07:28 PM Nov 2018

More money for Madoff victims, nearly 10 years after his arrest

Source: Reuters

U.S. NOVEMBER 29, 2018 / 1:20 PM / UPDATED 5 HOURS AGO

More money for Madoff victims, nearly 10 years after his arrest

Jonathan Stempel
3 MIN READ

NEW YORK (Reuters) - Victims of Bernard Madoff’s Ponzi scheme will soon receive another $695.3 million from a government compensation fund, the U.S. Department of Justice announced on Thursday, less than two weeks before the 10th anniversary of the swindler’s arrest.

The payout, to more than 27,300 victims, is the third from the Madoff Victim Fund, which has roughly $4 billion and was set up in November 2013 to help individuals, schools, charities, pension plans and others recoup their losses from the fraud.

With the distribution, victims will have received $1.97 billion from the fund, which is run by former U.S. Securities and Exchange Commission Chairman Richard Breeden.

An additional $803 million has been earmarked for payout, for a total $2.77 billion to be paid to roughly 37,000 victims, including 22,000 who had previously recovered nothing.

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Read more: https://www.reuters.com/article/us-madoff-payout/more-money-for-madoff-victims-nearly-10-years-after-his-arrest-idUSKCN1NY2EX

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Related: Department of Justice Begins Third Distribution of Funds Recovered Through Asset Forfeiture to Compensate Victims of Bernard Madoff Fraud Scheme (U.S. Department of Justice)
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More money for Madoff victims, nearly 10 years after his arrest (Original Post) Eugene Nov 2018 OP
Madoff's Fatal Mistake was that he Stole from Rich People dlk Nov 2018 #1
Bingo, and he was abetted by rich people who got in first and figured out what was going on. marble falls Nov 2018 #2
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