Last Madoff victim fund payout brings recovery to nearly 94% of Ponzi scheme losses, DOJ says [CNBC]
JP Morgan Chase & Co. (JPM)
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Source: CNBC
When the last disbursement is completed, more than $4.3 billion will have been distributed by the fund to more than 40,000 victims in nearly 130 countries, the DOJ said. Madoff died in prison in 2021 while serving a 150-year sentence for what federal prosecutors have called the largest Ponzi scheme in the world. The 10th and final distribution from a fund for victims of the late Ponzi scheme king Bernie Madoff began Monday, the Department of Justice said. The last disbursement, of more than $131 million, is being sent to more than 23,000 victims worldwide. When it is completed, more than $4.3 billion will have been distributed by the fund to more than 40,000 victims in nearly 130 countries, the DOJ said. That tally is nearly 94% of the estimated total losses from the scam, the department said. The final disbursement by the Madoff Victim Fund was announced roughly 16 years after Madoff's fraud came to light. “Today's distribution represents an unprecedented conclusion of v
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