U.S. proclaims distribution of $372 million to victims of Madoff scheme -statement By Reuters

© Reuters. FILE PHOTO: An American flag waves exterior the U.S. Division of Justice Constructing in Washington, U.S., December 15, 2020. REUTERS/Al Drago/File Photograph

WASHINGTON (Reuters) – The U.S. Justice Division on Wednesday introduced the distribution of $372 million to victims of Bernie Madoff’s ponzi scheme, placing whole recoveries above $4 billion, the company mentioned in a press release.

Madoff died at age 82 final 12 months in federal jail, the place he was serving a 150-year sentence. His large scheme, estimated as excessive as $64.8 billion, went undiscovered for years and ensnared 1000’s of victims, together with charities, hedge funds, celebrities and pension funds.

One other $14.5 billion has been recouped for victims of the previous Bernard L. Madoff Funding Securities LLC by a court-appointed trustee liquidating that agency in chapter.

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