U.S. Attorney Damian Williams | U.S. Department of Justice
The U.S. Department of Justice has announced the final distribution of funds to victims of Bernard L. Madoff's Ponzi scheme, marking a significant milestone in the recovery process. Edward Y. Kim, Acting United States Attorney for the Southern District of New York, along with Brent S. Wible, Principal Deputy Assistant Attorney General, and James E. Dennehy, FBI Assistant Director in Charge of the New York Field Office, revealed that over $131.4 million will be distributed to more than 23,000 victims globally.
This latest distribution brings total recoveries to 93.71% for those affected by the fraud perpetrated by Madoff's investment firm, BLMIS. The Madoff Victim Fund (MVF) has disbursed over $4.3 billion to 40,930 victims across 127 countries since its inception.
Edward Y. Kim emphasized the commitment to justice: “This Office has never stopped pursuing justice for victims of history’s largest Ponzi scheme." He noted that nearly 94% of losses have been compensated through these efforts.
Brent S. Wible highlighted the role of asset forfeiture in victim compensation: “The unprecedented scope and complexity of the Madoff remission process shows the power of forfeiture to recover assets and to compensate victims.”
James E. Dennehy underscored the significance of this conclusion: “Today’s distribution represents an unprecedented conclusion of victim compensation from civil forfeiture actions related to the Madoff scheme."
Madoff was convicted on March 12, 2009, after admitting to operating a massive Ponzi scheme through his wealth management business founded in 1960. He was sentenced on June 29, 2009, by then-U.S. District Judge Denny Chin to serve 150 years in prison.
Funds for victim compensation were sourced from various legal actions including a historic civil forfeiture recovery from Jeffry Picower's estate amounting to approximately $2.2 billion and a deferred prosecution agreement with JPMorgan Chase Bank N.A., contributing an additional $1.7 billion.
Richard Breeden serves as Special Master overseeing MVF operations under appointment by the Department of Justice, facilitating evaluations and computations necessary for victim payments.
The case is managed by Assistant U.S. Attorney Tara M. La Morte within the Illicit Finance and Money Laundering Unit.
For further details about MVF operations or eligibility criteria for compensation, interested parties can visit www.madoffvictimfund.com or contact MVF directly.
