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Madoff victims get $568m payout five months after death

About 31 000 investors worldwide will soon get payments.
Bernard Madoff is led out from Federal court on Tuesday, March 10, 2009 in New York. Image: Bloomberg

Victims of Bernard Madoff’s massive fraud are about to get the first government payouts since the con man died behind bars five months ago, with a fund set up years ago preparing to send out $568 million in reimbursement checks.

About 31 000 investors worldwide will soon get payments derived from government settlements with some of Madoff’s oldest customers and his bank, JPMorgan Chase & Co, the US Justice Department said Thursday in a statement. The DOJ, which set up the fund, said the disbursements will boost its total payouts to more than $3.7 billion.

“This office continues to seek justice for victims of history’s largest Ponzi scheme,” Manhattan US Attorney Audrey Strauss said in the statement.

The US fund is separate from the repayment process being overseen by a trustee, Irving Picard, in federal bankruptcy court in Manhattan. His litigation against customers who profited from the scam has so far recovered more than $14.5 billion, most of which as already been returned to victims.

© 2021 Bloomberg

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Thus encouraging people to carry on investing in obvious scams that look too good to be true. Risk vs reward, thrown out the window.

While the rest of us struggle along on conservative real returns, while we are also paying, indirectly, for the legal/government action to refund these chumps. Nothing is free. Honest taxpayers’ money is used to protect chumps who thought they were smarter than the rest of us.

Nanny state.

The land where schemes are born, the biggest fraud, born in the USA.

The world gives the US too much credit.

The biggest debtor in history and investors flock to invest in the US.

The 2008 crash was created in the US, over 1,100 banks crashed in that crash, investors got $ 0.000000000 back.

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