Bernie Madoff victims to get additional $158 million in restitution
Fifteen years to the day after the arrest of Bernie Madoff for the largest Ponzi scheme in history, nearly 25,000 of the disgraced financier's victims will receive $158.9 million, bringing their total recoveries to 91% of their lost money, the Department of Justice announced on Monday.
The Madoff Victim Fund has distributed nine payments totaling over $4.22 billion to 40,843 of Madoff's victims, as compensation for losses they suffered from the collapse of his investment securities business.
"Among Madoff's many victims were not only wealthy and institutional investors, but charities and pension funds alike — some of which invested money with Madoff on behalf of individuals working paycheck-to-paycheck who were relying on their pension accounts for their retirements," said U.S. Attorney Damian Williams for the Southern District of New York, adding that "the financial toll on those who entrusted their money with Madoff was devastating."
Bernard L. Madoff, the once-chairman of the NASDAQ, was arrested on Dec. 11, 2008, for defrauding investors out of $64 billion. He pleaded guilty in March 2009 to securities fraud and other charges, saying he was "deeply sorry and ashamed," and was sentenced to 150 years in prison. Additionally, Madoff was ordered to pay $170 billion in restitution to his victims.
The DOJ says the fund has "exceeded expectations" in the level of recovery it has been able to successfully provide to victims.
Madoff died as a result of ongoing health issues while incarcerated in 2021 at age 82.
