The final payments to victims of Bernie Madoff’s Ponzi scheme are underway, in keeping with the Division of Justice (DOJ).
In March 2009, Madoff pleaded responsible to 11 felonies that authorities on the time referred to as the largest Ponzi scheme on this planet.
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About 16 years later, the final disbursement (greater than $131 million) started earlier this week and can be despatched to 23,000 victims. The DOJ famous that this last fee accounts for 94% of the estimated losses from the rip-off.
“This workplace has by no means stopped at pursuing justice for victims of historical past’s largest Ponzi scheme,” stated Appearing U.S. Lawyer Edward Y. Kim for the Southern District of New York, in a statement. “With this tenth and last distribution, now we have succeeded in compensating 40,930 victims with near 94% of their losses. As this extraordinary effort demonstrates, this workplace and MLARS are dedicated to defending and helping victims of crime, irrespective of how lengthy it takes and irrespective of how difficult the endeavor.”
After the ultimate spherical is accomplished, over $4 billion from the Madoff Victim Fund may have been given again to 40,000 victims in practically 130 international locations, per the company.
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What Did Bernie Madoff Do?
Madoff pleaded responsible to 11 felony charges together with securities fraud and cash laundering in 2009 and was sentenced to 150 years in jail for “operating the most important fraudulent scheme in historical past,” in keeping with the DOJ.
He died at age 82 in April 2021.
“He stole from the wealthy. He stole from the poor. He stole from the in-between. He had no values,” stated former investor Tom Fitzmaurice at Madoff’s sentencing, per AP News. “He cheated his victims out of their cash so he and his spouse … might dwell a lifetime of luxurious past perception.”
