Bernie Madoff victims get US$568 million payout five months after death
NEW YORK (BLOOMBERG) – Victims of Bernard Madoff’s massive fraud are about to get the first government payouts since the con man died behind bars five months ago, with a fund set up years ago preparing to send out US$568 million (S$760 million) in reimbursement cheques.
About 31,000 investors worldwide will soon get payments derived from government settlements with some of Madoff’s oldest customers and his bank, JPMorgan Chase & Co, the US Justice Department (DOJ) said on Thursday (Sept 16) in a statement.
The DOJ, which set up the fund, said the disbursements will boost its total payouts to more than US$3.7 billion.
“This office continues to seek justice for victims of history’s largest Ponzi scheme,” Manhattan US Attorney Audrey Strauss said in the statement.
The US fund is separate from the repayment process being overseen by a trustee, Irving Picard, in federal bankruptcy court in Manhattan. His litigation against customers who profited from the scam has so far recovered more than US$14.5 billion, most of which as already been returned to victims.
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