Salem Radio Network News Saturday, January 28, 2023

U.S.

Another $372 million on way to Bernie Madoff victims, Justice Dept says

WASHINGTON (Reuters) -Victims of Bernie Madoff’s Ponzi scheme can expect to soon receive another $372 million to help cover their losses, the U.S. Justice Department announced on Wednesday, putting total recoveries above $18.5 billion.

Payouts to over 27,000 victims will come from the Madoff Victim Fund, a $4.05 billion government fund set up in 2013 and overseen by former U.S. Securities and Exchange Commission Chairman Richard Breeden.

Following the latest distribution, the fund’s eighth, victims will have received over $4 billion, covering some 88% of their losses, the department said. The victims include individuals, schools, charities and others.

Madoff’s massive scheme, estimated as high as $64.8 billion, went undiscovered for years and ensnared thousands of victims, including charities, hedge funds, celebrities and pension funds.

Madoff was arrested in December 2008 after admitting his fraud to his sons. He pleaded guilty three months later to 11 criminal counts and was sentenced to 150 years in prison, where he died last year at age 82.

More than 40,000 claimants have been compensated through the victim fund, the Justice Department said.

Another $14.5 billion has been recouped for customers of the former Bernard L. Madoff Investment Securities LLC by the court-appointed trustee liquidating that firm in bankruptcy.

(Reporting By Paul Grant and Rami Ayyub; Editing by Bill Berkrot)

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