A fund created by the US government to help compensate victims of the late fraudster Bernard Madoff has begun making its final round of payments, according to a statement by the Department of Justice (DoJ). The payouts being made by the Madoff Victim Fund (MVF) are worth $131.4m (£104.6m) and will bring the total amount it has returned to 40,930 claimants to $4.3bn.
MVF’s distributions offset one of the most monstrous financial crimes ever committed, said Richard C Breeden, who runs the MVF. “We have brought tens of thousands of victims to the greatest recovery we could achieve,” he added.
Madoff’s victims were a mixture of wealthy individuals, less well-off people and companies – both large and small – as well as schools, charities and pension funds. The MFV estimates it will have recovered nearly 94% of the victims’ proven losses when it completes its mission in 2025.
Another $14.7bn has been returned through bankruptcy proceedings to Madoff customers. Madoff’s investment firm collapsed during the 2008 financial crisis.
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