More funds recovered for victims of Bernie Madoff

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This is the 14th distribution to victims of Madoff’s Ponzi scheme.

ByAaron Katersky
December 9, 2022, 10:55 PM

The trustee for the liquidation of Bernie Madoff’s defunct and fraudulent investment firm announced on Friday a new distribution of recovered funds to swindled customers.

This is the 14th distribution to victims of Madoff’s Ponzi scheme and brings the total amount restored to more than $14 billion.

The trustee has been pursuing stolen customer funds since Madoff pleaded guilty in 2009 and signaled there would be additional recoveries in 2023.

MORE: Bernie Madoff Daughter-in-Law Breaks Silence

“We are proud to continue our quest to recover additional funds and return them to defrauded claimants,” the trustee, Irving Picard, said in a statement.

When combined with the prior distributions, the fourteenth distribution will equal about 70% of each customer’s allowed claim amount, unless that claim has been fully satisfied. The aggregate amount distributed to eligible customers will total more than $14.36 billion. This recovery far exceeds any prior restitution effort related to Ponzi schemes both in terms of dollars and percentage of stolen funds recovered.

 

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