Bernie Madoff Victims to Get $772.5 Million From U.S. Govt. Fund

By:
Chris Gaetano
Published Date:
Nov 10, 2017
MoneyMagnify

The U.S. government is distributing $772.5 million to 24,000 victims of Bernie Madoff's Ponzi scheme, paid through a fund made up of seized assets and settlement agreements with people and companies connected to the case, according to CNN Money. The government expects to eventually pay out $4 billion in total from this fund. Rod Rosenstein, the deputy attorney general, said this is the biggest restoration of forfeited property in history. Beyond what the U.S. government is returning, a further $10 billion has been distributed to victims through civil litigation by court-appointed attorney Irving Picard. 

Madoff was convicted of stealing $20 billion from investors through a complicated Ponzi scheme that came to light during the height of the financial crisis. He was convicted in 2009 and is currently serving out a 150-year prison sentence. 

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