Madoff Ponzi scheme victims to get an additional $378M, DOJ says

1010 WINS Newsroom
April 20, 2020 - 1:30 pm
Bernie Madoff Ponzi Scheme

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NEW YORK (1010 WINS) -- Victims of financier Bernie Madoff’s Ponzi scheme will receive an additional $378.5 million in compensation for their losses, the U.S. Department of Justice said Monday. 

Madoff, the former chairman of Bernard L. Madoff Investment Securities, pleaded guilty to running “the world’s largest Ponzi scheme” after bilking his clients out of billions of dollars for years, the department said in a release. 

The $378.5 million in compensation brings the total amount that Madoff’s nearly 38,000 victims have received up to more than $2.7 billion, according to the department. 

“Today’s additional payments of more than $378 million by this office and the U.S. Department of Justice Criminal Division’s Money Laundering and Asset Recovery Section represent the fifth in an ongoing series of distributions that will leave victims with compensations for more than 73 percent of their losses,” Geoffrey Berman, the U.S. Attorney for the Southern District of New York, said in a statement.

“But our work is not yet finished, and this extraordinary level of recovery represents this office’s ongoing and tireless commitment to compensating the victims who suffered as a result of Madoff’s heinous crimes,” he added. 

Madoff pleaded guilty to 11 federal felonies in connection with the scheme in March 2009 and was sentenced to 150 years in prison three months later, the department noted.