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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 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 $131.4 million is being sent to more than 23,000 fraud victims globally in a 10th and final distribution from the Madoff Victim Fund, ... the fraud.” A representative with the Madoff Victim ...
The Optimal SUS fund, one of Madoff's largest feeder funds, [83] agreed to pay $235 million, about 85% of the $285 million that the Geneva-based hedge fund group redeemed in the 90 days before Madoff was arrested. As of December 2008, Santander had $3.2 billion of clients' money invested with Madoff, a relationship that started in 1996.
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.
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 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.
This means victims will have recovered approximately 93.7 percent of their fraud losses. Madoff, pictured in 2009, pled guilty to 11 federal felonies and was sentenced to 150 years in prison ...