Department of Justice Begins Fourth Distribution of Funds Recovered Through Asset Forfeiture to Compensate Victims of Bernard Madoff Fraud Scheme

www.justice.gov | 3/12/2009 | Staff
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The Department of Justice today announced that on July 31, the Madoff Victim Fund (MVF) began its fourth distribution of $469.6 million in funds forfeited to the U.S. Government in connection with the Bernard L. Madoff Investment Securities LLC (BLMIS) fraud scheme, bringing the total distributed to $2.4 billion to nearly 32,000 victims worldwide. In this distribution, payments will be sent to over 25,000 victims across the globe, bringing their total recovery to 66.85 percent. This distribution represents the fourth in a series of payments that will eventually return over $4 billion to victims as compensation for losses they suffered from the collapse of the BLMIS. The MVF has received over 65,000 petitions from victims in 136 countries.

“The upheaval and devastation wrought by Bernie Madoff’s massive fraud continue to reverberate across the United States and the globe,” said Assistant Attorney General Brian A. Benczkowski of the Justice Department’s Criminal Division. “This fourth distribution of payments shows that the Department remains steadfast in its pursuit of proceeds of that fraud through civil forfeiture. Madoff’s victims, many of whom once believed they had lost everything, have now seen close to a 67 percent recovery of their loss amounts.”

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“Bernie Madoff committed the largest Ponzi scheme in history,” said U.S. Attorney Geoffrey S. Berman for the Southern District of New York. “Today’s additional payment of more than $469 million by this Office represents the fourth in an on-going series of distributions that will leave victims’ with compensation for more than 65 percent of their losses. This extraordinary level of recovery represents this Office’s tireless commitment to compensating the victims who suffered as a result of Madoff’s heinous crimes.”

For decades, Bernard L. Madoff used his position as Chairman of BLMIS, the investment advisory business he founded in 1960,...
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