Madoff Fraud Victims Awarded $568M in New Distribution

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Photo by U.S. Department of Justice via Wikimedia Commons

An additional $568 million has been awarded to victims of Bernard Madoff’s Ponzi scheme.

The Department of Justice Thursday announced its seventh distribution of funds to individuals victimized by Bernard L. Madoff Investment Securities, raising the total compensation to over $3.7 billion.

At least 40,000 individuals around the world suffered losses from the fraud perpetrated by Madoff over decades.  The 82-year-old Madoff died in April in a North Carolina federal prison, where he was serving a 150-year term for crimes Judge Denny Chin described as “extraordinary evil.”

The latest distribution will go to nearly 31,000 victims, and brings the number of those compensated so far to more than 81 percent of the total.

“This office continues to seek justice for victims of history’s largest Ponzi scheme,” said U.S. Attorney Audrey Strauss for the Southern District of New York.

“But our work is not yet finished, and [this office’s] tireless commitment to compensating the victims who suffered as a result of Madoff’s heinous crimes continues.”

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