The Madoff Victim Fund (MVF) has finalized its payout, ensuring victims of the notorious Wall Street fraudster Bernard Madoff recover over 90% of their proven losses.
Madoff Victim Fund Distributes Final Payments, Totaling $4.3bn in Recovery
Madoff Victim Fund Distributes Final Payments, Totaling $4.3bn in Recovery
US government fund completes payments for Madoff fraud victims, recovering 90% of losses
The U.S. Department of Justice has announced that the Madoff Victim Fund (MVF) is concluding its payouts, amounting to $131.4 million (£104.6 million), thus raising the total distributed funds to $4.3 billion for over 40,900 claimants. Madoff, who orchestrated the largest Ponzi scheme in U.S. history, passed away in prison in 2021, serving a 150-year sentence after being convicted in 2009.
Richard C. Breeden, head of the MVF and former chair of the Securities and Exchange Commission (SEC), stated, "MVF's distributions offset one of the most monstrous financial crimes ever committed," highlighting efforts to recover funds for victims affected by Madoff's deceit.
The pool of victims includes a mix of individuals, organizations, schools, charities, and pension funds. The MVF estimates that, by the completion of its mission in 2025, nearly 94% of lost funds will be recovered. Additional returns to victims through bankruptcy proceedings have reached approximately $14.7 billion.
Madoff's firm, established in 1960, grew into one of the largest market-makers on Wall Street, but collapsed during the 2008 financial crisis when investors sought to withdraw around $7 billion and the funds were unavailable. Among those defrauded were celebrities like actor Kevin Bacon and Hall of Fame baseball player Sandy Koufax, alongside significant losses for institutions like HSBC and the Royal Bank of Scotland.
The scandal remains among the most significant financial frauds perpetrated in history, continuing to echo through the industry even today.
Richard C. Breeden, head of the MVF and former chair of the Securities and Exchange Commission (SEC), stated, "MVF's distributions offset one of the most monstrous financial crimes ever committed," highlighting efforts to recover funds for victims affected by Madoff's deceit.
The pool of victims includes a mix of individuals, organizations, schools, charities, and pension funds. The MVF estimates that, by the completion of its mission in 2025, nearly 94% of lost funds will be recovered. Additional returns to victims through bankruptcy proceedings have reached approximately $14.7 billion.
Madoff's firm, established in 1960, grew into one of the largest market-makers on Wall Street, but collapsed during the 2008 financial crisis when investors sought to withdraw around $7 billion and the funds were unavailable. Among those defrauded were celebrities like actor Kevin Bacon and Hall of Fame baseball player Sandy Koufax, alongside significant losses for institutions like HSBC and the Royal Bank of Scotland.
The scandal remains among the most significant financial frauds perpetrated in history, continuing to echo through the industry even today.
