Name: Bernie Madoff Victims Get Final Payout, Bringing Total Compensation to $4.3 Billion
Uploaded: 2025-01-01T04:40:09.000Z
Description: People scammed out of their money by Ponzi scheme mastermind Bernie Madoff are set to receive a final payout of $131.4 million from a recovery fund run by the Justice Department, which said that the last compensation tranche brings the total recoveries to over $4.3 billion, or nearly 94 percent of the victims' fraud losses.

Jack Bradley is a Washington correspondent for NTD News based in Washington, D.C. Jack previously anchored "NTD Newsroom" and worked as an assistant producer for the show. 

Jack Bradley

NTD Plus

News

News with integrity, from the U.S. and around the world. Focused reports and analyses that shed light on major issues the world deserves to know. NTD Evening News airs daily at 6 p.m. ET.

NTD Evening News

China’s Broken Promises Loom Over New Trade Deals

David Lam is a national correspondent based in California and a part-time anchor for "NTD Tonight." Before joining NTD he was a financial analyst.

David Lam

Californians React as Trump Calls for Gas Tax Suspension

Arleen Richards is NTD's legal correspondent based at the network's global headquarters in New York City, where she covers all major legal stories. Arleen holds a Doctor of Law (J.D.).


Arleen Richards

Federal Agencies Announce ‘Summer Surge’ of Law Enforcement into DC Ahead of 250th Anniversary

Christina Corona is a California-based reporter for NTD News. She primarily covers California news, politics, and entertainment.  

Christina Corona

Trump Administration Reports Zero Border Releases

Arian Pasdar is an international correspondent for NTD News based in South America. His reporting focuses on immigration and key events in Latin America.

Arian Pasdar

US to Host 1st Ever World Cup Final Halftime Show, Featuring Shakira, Madonna

Savannah Pointer is a politics reporter for The Epoch Times. She can be reached at savannah.pointer@epochtimes.us

Savannah Hulsey Pointer

Jason Perry is an Army veteran and NTD's National Security Correspondent based at the network's global headquarters in New York City. Jason primarily covers border security, national defense, foreign wars, and veterans' issues.

Jason Perry

Health News

Texas Children's Hospital to Open First-Ever Detransition Clinic Under Deal With DOJ

Sam Wang is a Washington correspondent for NTD News based in Washington, D.C. Sam covers politics on Capitol Hill, and U.S.-China relations. 

Sam Wang

Citizens Honor Police for Their Service and Sacrifice

Cary Dunst is the news anchor for NTD Evening News. He is also the co-host of NTD Good Morning.


Cary Dunst

Trump ‘Projecting American Influence and Leadership’ on Iran Issue in Beijing: China Expert

Chris Bob is a reporter for NTD and a host of "Profiles of Service." He is also a small business owner. Chris graduated from Union College with a concentration in politics and religion in Russia and the former Soviet Union.

Chris Bob

Senate Panel Advances Crypto Regulation Bill

Jason Blair is a national correspondent for NTD News based in California. 

Jason Blair

Lawmakers Weigh ‘Sanctuary’ Polices After Woman’s Death in Virginia

NTD Evening News Full Broadcast (May 15)

NTD Evening News Full Broadcast (May 14)

NTD Evening News Full Broadcast (May 13)

NTD Evening News Full Broadcast (May 12)

NTD Evening News Full Broadcast (May 11)

Don Ma is an anchor and senior business correspondent based at the network's global headquarters in New York City. Don is the anchor and producer of NTD's "Business Matters," which airs weekdays at 4:30 pm ET.

Don Ma

NTD Evening News Full Broadcast (May 10)

NTD Evening News Full Broadcast (May 9)

NTD Evening News Full Broadcast (May 8)

NTD Evening News Full Broadcast (May 7)

NTD Evening News Full Broadcast (May 6)

NTD Newsroom comprises teams of reporters, editors, and producers assigned to cover breaking news and other stories.


NTD Newsroom

Fast, compelling, first-hand news from China. China in Focus airs Monday–Friday at 8 p.m. ET.

China in Focus

China Sends Warships to Pacific Drill as Tensions With Japan Rise

Reuters is a news agency owned by Thomson Reuters. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide writing in 16 languages.

Reuters

We present news that is truthful and based on facts, outside of the political fog. Instead of focusing on the negative things happening around us, our mission is to give our viewers a good morning with empathetic and uplifting stories. Our aim is to provide an antidote to negativity by shining a light on the best side of people. We speak to inspiring people who positively impact communities, pursue topics that represent our common human values, and will never miss an opportunity to bring you heartwarming stories.

NTD Good Morning

2 US Embassy Personnel Assigned to Cartel Case Killed in Car Accident

The Associated Press is an American not-for-profit news agency headquartered in New York City. 

The Associated Press

US News

Gunman Kills 8 Children, Including 7 of His Own, in Louisiana Mass Shooting

Flora Hua is a reporter based at NTD's global headquarters in New York City, where she covers China news, U.S.-China relations, and human rights issues. Flora primarily contributes to NTD's "China in Focus."  

Flora Hua

Trump: Seized Iranian Ship May Have ‘A Gift From China’

Joseph Lord is a congressional reporter for The Epoch Times.


Joseph Lord

Aldgra Fredly is a freelance writer covering U.S. and Asia Pacific news for The Epoch Times.

Aldgra Fredly

Former NYC Mayor Rudy Giuliani Hospitalized in Critical Condition: Spokesman

Wildfires Across Georgia and Florida Have Destroyed Nearly 50 Homes and Are Forcing Evacuations

News you can trust from the U.S. and around the world. Critical information and insight. We cover the stories that others don’t. NTD News Today airs Monday–Friday at 11 a.m. ET.

NTD News Today

US Warns of China Hacks via Routers, Smart Devices

Juliet Song is an international correspondent exclusively covering China news for NTD. She primarily contributes to NTD's "China in Focus," covering U.S.-China relations, the Chinese regime's human rights abuses, and domestic unrest inside China.

Juliet Song

2 Americans Among Suspected Communist Rebels Killed in Clashes With Troops, Philippine Officials Say

Ryan Morgan is a reporter for The Epoch Times focusing on military and foreign affairs. He was previously a news writer for NTD. 


Ryan Morgan

Mari Otsu is NTD's White House correspondent based in Washington. 

Mari Otsu

World News

Middle East

Iran

3 US Warships Fend Off Iranian Attacks, Trump Says Ceasefire Still Holds

3 Dead in Suspected Hantavirus Outbreak on Cruise Ship in Atlantic Ocean: WHO

People scammed out of their money by Ponzi scheme mastermind Bernie Madoff are set to receive a final payout of $131.4 million from a recovery fund run by the Justice Department, which said that the last compensation tranche brings the total recoveries to over $4.3 billion, or nearly 94 percent of the victims' fraud losses.

The Department of Justice (DOJ) <a href="https://www.justice.gov/opa/pr/justice-departments-10th-distribution-brings-total-provided-over-43b-nearly-full-recovery">announced</a> on Dec. 30 that it had begun its 10th and final distribution of compensation payments to more than 23,000 victims of Madoff's securities fraud scheme.

Most of the victims—who total 40,930 across the globe—were small investors who lost less than $500,000 in a Ponzi scheme that Madoff concocted on the basis of a wealth management business he founded.

“With this 10th and final distribution, we have succeeded in compensating 40,930 victims with close to 94 [percent] of their losses," Acting U.S. Attorney Edward Kim for the Southern District of New York said in a statement.

For decades, Madoff used his position at the helm of the investment advisory business he founded in the 1960s—called Bernie L. Madoff Investment Securities—to steal billions of dollars from unwitting clients. Madoff collected money from victims through his company on the false promise of investing it, and in so doing he spun up the world's largest known Ponzi scheme.

In 2009, Madoff pleaded guilty to 11 felonies for his role in the swindle—including fraud, money-laundering, and perjury—and was sentenced to 150 years in prison. Madoff died in 2021 while incarcerated from what his lawyers said were natural causes.

The restitution effort, led by the DOJ's Money Laundering and Asset Recovery Section (MLARS), sought to compensate victims using funds forfeited from Madoff, his associates, and complicit entities. A significant portion of the recovery came from a $2.2 billion civil forfeiture from the estate of Madoff investor Jeffry Picower and $1.7 billion collected through a deferred prosecution agreement with JPMorgan Chase.

The Madoff Victim Fund (MVF), under the auspices of MLARS and led by Richard Breeden, a former chairman of the U.S. Securities and Exchange Commission, played a key role in evaluating over 66,000 claims from tens of thousands of victims in 127 countries.

In a statement, Berdeen said he was "delighted" that the fund was paying out its 10th and final distribution, bringing the total number of direct payments to victims to over 246,000 since the fund made its first payout eight years ago.

"Since MVF’s founding, it has traced the contours of the fraud, calculated the amount stolen, and then returned as much as was possible directly to the people and entities from whom the money was stolen," Berdeen said in a statement, in which he called Madoff's scheme "one of the most monstrous financial crimes ever committed."

In the 1980s, Madoff's company operated as a legitimate brokerage business in New York. Behind the scenes, however, Madoff secretly ran a Ponzi scheme, using funds from new investors to pay returns to earlier ones, creating the illusion of steady, double-digit profits, even in market downturns. In reality, no securities were ever traded. Madoff's chief financial officer, Frank DiPascali, said in a 2009 guilty plea that the statements detailing the trades were "all fake."

Victims of Madoff—who became so hated for the fraud that he wore a bulletproof vest to court—ranged from everyday retirees to celebrities like actor Kevin Bacon and film director Steven Spielberg.

When Madoff pleaded guilty for his crimes in 2009, he said he was "deeply sorry and ashamed" for what he had done.

<em>From <a href="https://www.theepochtimes.com/us/bernie-madoff-victims-get-final-payout-bringing-total-compensation-to-4-3-billion-5783952">The Epoch Times</a></em>

Latest

Videos

Business News

04_Top Stories

Latest Clips

Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.

Tom Ozimek

Latest and breaking news, documentaries, movies, and lifestyle content on NTD+.
 
Empower your knowledge and elevate your spirit with NTD+, your go-to destination for truthful news, insightful documentaries, and captivating lifestyle content that enriches your life.