Search results
Results From The WOW.Com Content Network
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 ...
The fund has already paid out more than $4.3 billion to nearly 41,000 victims in 127 countries following the uncovering of the multibillion-dollar scheme in December 2008, the department said.
The DOJ announced Monday that it began distributing its tenth and final payments of forfeited funds to 40,930 victims of Madoff’s scheme, the largest known Ponzi scheme to date.
Peter Madoff's wife, Marion, was not employed, but was paid a salary of $163,500 by the Madoff firm last year. Madoff also paid out $471,000 to a marina in Long Island and nearly $1 million to exclusive country clubs including the Breakers, the Atlantic Country Club on Long Island, the Palm Beach Country Club and the Trump International Golf ...
Investors in Bernard L. Madoff Investment Securities LLC lost billions of dollars in the Madoff investment scandal, a Ponzi scheme fraud conducted by Bernard Madoff. The amount missing from client accounts, over two thirds of which were fabricated gains, was almost $ 65 billion. [ 1 ]
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.
Friehling faced a maximum sentence of 114 years in prison, but unlike Madoff has agreed to cooperate with the government. Calling himself a victim of Madoff, he faced a possible sentence of 20 years. [26] [15] In May 2015, U.S. District Judge Laura Taylor Swain sentenced Friehling to one year of home detention and one year of supervised release ...