Bernard Madoff victims receive $4.3 billion in payouts from US government fund
Richard Breeden, the former U.S. Securities and Exchange Commission chairman who oversees the Madoff Victim Fund, reports that an additional $14.72 billion has been secured for distribution to victims of Bernie Madoff’s Ponzi scheme.
This new influx of funds brings the total amount recovered for victims to $19.21 billion, marking a significant milestone in the long-running effort to compensate those who were defrauded by Madoff. According to Breeden, approximately 37,000 victims have been identified so far, with more than 70% of their approved claims now fully satisfied.
The Madoff Victim Fund was established in 2013 to oversee the distribution of recovered assets to victims of Madoff’s scheme. The fund has been instrumental in providing much-needed financial relief to individuals, families, and organizations who were affected by one of the largest financial frauds in history.
Breeden praised the collaborative efforts of government agencies, legal authorities, and financial institutions in securing this latest round of funding, emphasizing the ongoing commitment to seeking justice for Madoff’s victims. He also expressed his gratitude to the dedicated professionals who have worked tirelessly to bring some measure of closure to those impacted by the Ponzi scheme.
As the Madoff Victim Fund continues its work, Breeden remains focused on fulfilling its mission to fairly and equitably distribute recovered assets to all eligible victims. The latest recovery of $14.72 billion represents a significant step forward in this ongoing endeavor, bringing hope and healing to those who have suffered as a result of Bernie Madoff’s deception.
