Bernie Madoff Victims Get Final Payment – Recoup 93 Percent of their Losses
An amazing ending to the Bernie Madoff story. After sixteen years the ending has come with the final payment to his victims. In total, 40,930 of Madoff’s victims from 127 counties have recouped over $4.3 billion in compensation — or 93.71% of their losses, the feds said. $4.3 Billion tracked down.
Not bad at all. One could easily lose that much in a bad stock trade. A good story to end the year with don’t you think?
Bernie Madoff victims get final $131M payout from compensation fund, bringing total to a whopping $4.3B: feds
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The Madoff Victim Fund began distributing its 10th and last payment of $131.4 million to more than 23,000 victims worldwide, according to the Manhattan US Attorney’s office.
The Department of Justice set up the fund over a decade ago to repay people swindled by Madoff — who died behind bars in 2021 while serving out a 150-year sentence.Madoff’s massive ripoff — believed to be the biggest stock fraud in history — came to light roughly 16 years ago during the financial crisis of the late 2000s.
He and his co-conspirators, including brother Peter Madoff, were forced to fork over the ill-gotten gains as part of the prosecution by the Manhattan US attorney’s office — funds used to pay back victims, the feds said.
Additionally, about $2.2 billion of the victim compensation funds were collected from the estate of a deceased Madoff investor, Jeffry Picower, and another $1.7 billion came as part of an agreement with JPMorgan Chase Bank, according to prosecutors.
Now that is what you call a wrap.
Good news from the swamp!
Source: https://bunkerville.wordpress.com/2024/12/31/bernie-madoff-victims-get-final-payment-recoup-93-percent-of-their-losses/
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