Madoff victims receive an additional $ 568M as the Pompeii settlement continues


By Bernard L.. More than $ 568 million has been distributed to nearly 31,000 victims of the Madoff Investment Securities LLC (BLMIS) fraud scheme, the Justice Department announced Thursday.

The agency claims that the seventh distribution of the Madoff Victim Fund (MVF) is forfeited to the US. The government has distributed more than $ 3.7 billion to nearly 40,000 victims worldwide.

Recovery for Bernard Madoff clients forced through Citigroup administration, Trustees’ attorneys say

The series of payments will eventually reimburse more than $ 4 billion in compensation for the loss they suffered from the BLMIS crash.

Additionally, The Justice Department noted, More than 2,600 victims receive their first payment from the fund – under the supervision of former SEC President Richard Breeden in this distribution.

“This distribution provides an additional economic recovery from the crimes committed by Bernard Madoff for the approximately 31,000 victims,” ​​said Kenneth A. Bullock, assistant deputy attorney general for the Criminal Division of the Justice Department. Polit Jr. said in a statement. “The Department’s ongoing efforts to ensure justice for victims of crime have been passed through the ongoing Madoff relief process and billions of innocent victims worldwide.”

“This office continues to seek justice for the victims of the largest Ponzi scheme in history,” said US Attorney Audrey Strauss in the Southern District of New York. “More than $ 568 million from our office and the US Department of Justice’s Criminal Division Money Laundering and Asset Recovery Section delivers a seventh which compensates victims for more than 81 percent of their losses. The tireless commitment continues.

Madoff, who He died in prison at the age of 82 in April, Responsible for believing it to be the biggest financial fraud in Wall Street history.

Madoff used the position of president of BLMIS to steal billions from his clients, earning him a 150-year sentence.

Money manager Arrested in December 2008 After his business was exposed as a Ponzi scheme and in March 2009, Madoff pleaded guilty to 11 federal offenses and apologized for his actions.

Court-appointed trustees have withdrawn more than $ 14 billion from investors’ $ 17.5 billion investment into Madoff’s business.

At the time of his arrest, counterfeit account statements were telling customers he had $ 60 billion worth of holdings.

About $ 4.05 billion will be made available to victims, and about $ 2.2 billion has been collected from the estate of dead Madoff investor Jeffrey Pickover as part of a historic civil foreclosure recovery, the DOJ said.

In addition, $ 1.7 billion was raised as part of a deferred prosecution agreement with JPMorgan Chase Bank NA and the loss of civilization in parallel action.

The rest of the proceeds went through a civil foreclosure proceeding against investor Carl Shapiro and his family, and Bernard L. Sullivan. Madoff, Peter B.. Collected from civil and criminal foreclosure proceedings against Madoff and co-conspirators.

“MVF’s payments would not have been possible without the CBI’s Money Laundering and Asset Recovery Division, the US Attorney’s Office for the Southern District of New York, and the extraordinary efforts of the FBI and the recovery of assets in Madoff’s crimes proceedings,” the department said.

The Associated Press contributed to this report.

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