The Department of Justice announced on Thursday that the Madoff Victim Fund began distributing $568 million in additional payouts to those affected by the Bernard L. Madoff Investment Securities LLC (BLMIS) fraud scheme, marking the seventh distribution the MVF has made.
The newest distribution will be sent to nearly 31,000 victims, with 2,600 receiving their first payment from the MVF. The $568 million distributed today brings the total amount of MVF’s distribution to $3.7 billion, with the goal of reaching the approximately $4 billion that victims lost from the collapse of BLMIS, according to the Department of Justice.
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“This distribution provides nearly 31,000 victims additional financial recovery from the egregious crimes committed by Bernard Madoff,” acting Assistant Attorney General Kenneth Polite Jr. said. “The Department’s continued efforts to ensure justice for victims of crime is demonstrated through the ongoing Madoff remission process and the billions given back to innocent victims worldwide.”
As the chairman of BLMIS, Bernie Madoff used his business to steal billions from his clients for decades. Madoff pleaded guilty to 11 federal felonies on March 12, 2009, admitting to turning his wealth management business into the world’s largest Ponzi scheme. He was sentenced to 150 years in prison that year on June 29, the Department of Justice reported.
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Madoff asked for early release from prison on Feb. 6, 2020, saying he had chronic kidney failure and only 18 months to live. Prosecutors argued that Madoff should not be released, even if it meant he would die in prison, where he did eventually die on April 14, 2021.
