Financial reports or announcements from the U.S. Department of Justice or involved financial institutions

Madoff Victim Fund Distributes $4.3 Billion to 40,000 Victims in 127 Countries, Recovers Nearly 94% of Fraud Losses

Dec 30, 2024, 10:59 PM

The U.S. Department of Justice has announced the 10th and final distribution from the Madoff Victim Fund, marking the end of compensation efforts for victims of Bernard L. Madoff's Ponzi scheme, which spanned four decades and was the largest Ponzi scheme in history. This final payout of over $131 million will go to more than 23,000 victims worldwide, bringing the total amount distributed to more than $4.3 billion, benefiting over 40,000 victims across 127 countries. The recovery rate stands at nearly 94% of the estimated total fraud losses. The funds were primarily sourced from civil forfeiture actions against the estate of Jeffry Picower, a settlement with JPMorgan Chase, and actions against Madoff and his co-conspirators. Madoff, who pleaded guilty to 11 federal felonies in 2009 and was sentenced to 150 years in prison, died in 2021.