The fund meant to help victims of the investment scam perpetrated by Bernie Madoff (pictured) started its eight round of distribution, the Justice Department said in a statement on Wednesday. File Photo by Peter Foley/EPA-EFE
Sept. 28 (UPI) -- The fund meant to help victims of the investment scam perpetrated by Bernie Madoff started its eighth round of distribution, the Justice Department said in a statement on Wednesday.
Approximately $372 million will be paid to 27,219 victims across the globe in this round of distribution.
The Madoff Victim Fund is made up of funds forfeited to the federal government in connection with the Bernard L. Madoff Investment Securities LLC fraud scheme.
Wednesday's news brings the total recovery rate to 88.35%.
The total amount distributed now exceeds $4 billion to more than 40,000 victims as compensation for losses they suffered from the collapse of Madoff's ponzi scheme.
Madoff victimized Hollywood stars and many others in one of the largest Ponzi schemes in history. He pleaded guilty in 2019 to 11 federal felonies, admitting he turned his wealth management business into a ponzi scheme, which benefited his family and inner circle.
The former chairman of the Nasdaq was 12 years into his 150-year prison sentence when he died at the Federal Medical Center in Butner, N.C., last year at age 82.
"Today's additional payments of $372 million by this Office and the Criminal Division's Money Laundering and Asset Recovery Section represents the eighth in a series of distributions that will leave victims with compensation for more than 88 percent of their losses -- a truly remarkable result. But our work is not fully complete, and this office's tireless commitment to compensating the victims who suffered as a result of Madoff's crimes continues," U.S. Attorney Damian Williams said in a statement.
"The Criminal Division is proud to continue providing compensation to victims through the largest remission process the Department has overseen," Assistant Attorney General Kenneth Polite, Jr. said in a statement.
"The billions distributed worldwide is a testament to the department's sustained efforts to ensure justice for the victims of Bernard Madoff's massive fraud."