Madoff fraud victims get $4.3bn as fund completes payouts [Yahoo! Finance]
HSBC Holdings, plc. (HSBC)
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Source: Yahoo! Finance
A fund created by the US government to help compensate victims of the late fraudster Bernard Madoff has begun making its final round of payments, according to a statement by the Department of Justice (DoJ). The payouts being made by the Madoff Victim Fund (MVF) are worth $131.4m (£104.6m) and are set to bring the total amount it has handed out to 40,930 claimants to $4.3bn. Madoff, a Wall Street financier disgraced after he admitted to one of the biggest frauds in US financial history, died in prison in 2021 He had been serving a 150-year sentence after pleading guilty in 2009 to running a so-called Ponzi scheme, which paid investors with money from new clients rather than actual profits. "MVF's distributions offset one of the most monstrous financial crimes ever committed," said Richard C Breeden, who runs the MVF. Mr Breeden is a former chairman of the US financial regulator, the Securities and Exchange Commission (SEC). "We have brought tens of thousands of victims to
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HSBC
Sec Filings
- 1/2/25 - Form 6-K
- 12/31/24 - Form 6-K
- 12/31/24 - Form 6-K
- HSBC's page on the SEC website