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U.S. begins $4.05 billion Madoff fund payout, thousands to recoup losses
Source: Reuters
#BUSINESS NEWS NOVEMBER 9, 2017 / 2:56 PM / UPDATED 33 MINUTES AGO
U.S. begins $4.05 billion Madoff fund payout, thousands to recoup losses
Jonathan Stempel
3 MIN READ
NEW YORK (Reuters) - The U.S. government said it has begun distributing $772.5 million from a $4.05 billion fund to compensate victims of Bernard Madoff’s Ponzi scheme, ending a nearly nine-year wait for thousands of people to start recouping their losses.
A total of 24,631 checks from the Madoff Victim Fund are being mailed to individuals, government entities, schools, charities, and pension and retirement plans in 49 U.S. states, Washington, D.C., and 119 other countries.
More than two-thirds of the recipients, or 16,557, had received no prior compensation for their losses. They will receive about $545 million from the payout, which is structured to cover 25 percent of recipients’ losses.
Rod Rosenstein, the deputy U.S. attorney general, in a statement on Thursday called the payout, from the Department of Justice’s victim compensation program, “the largest restoration of forfeited property in history.”
-snip-
U.S. begins $4.05 billion Madoff fund payout, thousands to recoup losses
Jonathan Stempel
3 MIN READ
NEW YORK (Reuters) - The U.S. government said it has begun distributing $772.5 million from a $4.05 billion fund to compensate victims of Bernard Madoff’s Ponzi scheme, ending a nearly nine-year wait for thousands of people to start recouping their losses.
A total of 24,631 checks from the Madoff Victim Fund are being mailed to individuals, government entities, schools, charities, and pension and retirement plans in 49 U.S. states, Washington, D.C., and 119 other countries.
More than two-thirds of the recipients, or 16,557, had received no prior compensation for their losses. They will receive about $545 million from the payout, which is structured to cover 25 percent of recipients’ losses.
Rod Rosenstein, the deputy U.S. attorney general, in a statement on Thursday called the payout, from the Department of Justice’s victim compensation program, “the largest restoration of forfeited property in history.”
-snip-
Read more: https://www.reuters.com/article/us-madoff-payout/u-s-begins-4-05-billion-madoff-fund-payout-thousands-to-recoup-losses-idUSKBN1D92X4
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