More money for Madoff victims, nearly 10 years after his arrest
Source: Reuters
U.S. NOVEMBER 29, 2018 / 1:20 PM / UPDATED 5 HOURS AGO
More money for Madoff victims, nearly 10 years after his arrest
Jonathan Stempel
3 MIN READ
NEW YORK (Reuters) - Victims of Bernard Madoffs Ponzi scheme will soon receive another $695.3 million from a government compensation fund, the U.S. Department of Justice announced on Thursday, less than two weeks before the 10th anniversary of the swindlers arrest.
The payout, to more than 27,300 victims, is the third from the Madoff Victim Fund, which has roughly $4 billion and was set up in November 2013 to help individuals, schools, charities, pension plans and others recoup their losses from the fraud.
With the distribution, victims will have received $1.97 billion from the fund, which is run by former U.S. Securities and Exchange Commission Chairman Richard Breeden.
An additional $803 million has been earmarked for payout, for a total $2.77 billion to be paid to roughly 37,000 victims, including 22,000 who had previously recovered nothing.
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Read more:
https://www.reuters.com/article/us-madoff-payout/more-money-for-madoff-victims-nearly-10-years-after-his-arrest-idUSKCN1NY2EX
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Related:
Department of Justice Begins Third Distribution of Funds Recovered Through Asset Forfeiture to Compensate Victims of Bernard Madoff Fraud Scheme (U.S. Department of Justice)