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The payouts being made by the Madoff Victim Fund (MVF) are worth $131.4m (£104.6m) and are set to bring the total amount it has handed out to 40,930 claimants to $4.3bn.
The bank agreed to forfeit $1.7 billion—the largest forfeiture ever imposed in American financial history. The government will use this money to help make Madoff's victims whole. JPMorgan also agreed to pay a $350 million fine to the Office of the Comptroller of the Currency. [124] [125] [126] [127]
The Madoff Victim Fund has started distributing more than $131.4 million in its 10th and final round of pay ments, bringing the total amount of compensation — shared among almost 41,000 victims ...
Over the last 16 years, federal authorities, through the Madoff Victim Fund, have been able to seize assets from those connected to the scheme to pay back victims.
The court-appointed trustee Irving Picard estimated actual losses to investors at $18 billion, and much of that money has been returned. [ 2 ] The 162-page list of clients (without investment amount), filed in United States bankruptcy court in Manhattan , was made public on February 4, 2009.
Thousands of victims of Bernard Madoff’s notorious Ponzi scheme are set to receive final restitution payments, raising the percentage of total losses recovered to nearly 94%, the Justice ...
The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. [1] In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
The fund disbursing money to the victims of Bernie Madoff’s legendary Ponzi scheme began its 10th and final distribution on Monday, putting another $131 million in the pockets of swindled investors.