Thursday, December 9, 2021

Victims of Bernie Madoff Ponzi scheme to get another $488 million payout

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Bernie Madoff victims will get another $488 million in recovered funds, the Department of Justice announced Thursday.

The cash will go to nearly 37,000 victims across the globe, according to a release from the U.S. Attorney’s Office in the Southern District of New York.

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It is the sixth Madoff Victim Fund payout, bringing the total amount distributed to almost $3.2 billion, the statement said.

The notorious scammer’s victims have now recouped 80.05 percent of their total losses, officials said.

“This is an extraordinary level of recovery for a Ponzi scheme — but our work is not yet finished, and the office’s tireless commitment to compensating the victims who suffered as a result of Madoff’s heinous crimes continues,” said Acting U.S. Attorney Audrey Strauss in a statement.

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It has been more than 11 years since Madoff pleaded guilty to 11 felonies, admitting to turning his wealth management business into a massive $65 billion fraud that ripped off friends and family.

He was sentenced to 150 years in prison for running the largest Ponzi scheme in history.

Last summer, a federal judge denied his motion for compassionate release. His lawyers said he has advanced kidney disease and only 18 months to live.

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