Tag: Trustees

Bernie Madoff victims get $159 million from Ponzi recovery fund

The fund for victims of Bernie Madoff’s historic Ponzi scheme has begun its ninth payout, distributing about $159 million in government-seized funds to nearly 25,000 people worldwide, the Department of Justice said Monday. The announcement, made 15 years after Madoff’s arrest — and more than two years after his death in prison — underscored the continuing impact of Madoff’s nearly…

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Justice Department Announces Total Distribution of Over $4 Billion to Victims of Madoff Ponzi Scheme | Department of Justice

The Department of Justice announced today that the Madoff Victim Fund (MVF) began its eighth distribution of approximately $372 million in funds forfeited to the U.S. government in connection with the Bernard L. Madoff Investment Securities LLC (BLMIS) fraud scheme. In this distribution, payments will be sent to 27,219 victims across the globe, bringing their total recovery to 88.35%. The total…

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Allen Stanford’s Ponzi scheme victims say they have been short-changed

Ten years after the second biggest investor fraud in U.S. history, victims of the $8 billion Ponzi scheme run by disgraced financier R. Allen Stanford have recovered practically nothing, court records show. That’s in stark contrast to the substantial recoveries on behalf of victims of the Bernard Madoff scam, which became public two months earlier. The difference has enraged Stanford’s…

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Madoff’s Victims Are Close to Getting Their $19 Billion Back

While no one will ever collect the phantom profits Madoff pretended he was earning, the cash deposits by his clients have been the primary objective for Irving Picard, a New York lawyer overseeing liquidation of Madoff’s firm in bankruptcy court. So far he’s recovered $13.3 billion—about 70 percent of approved claims—by suing those who profited from the scheme, knowingly or…

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Criticism Mounts on Madoff Compensation Fund – WSJ

The Justice Department is coming under criticism over a $4 billion compensation fund for Bernard Madoff’s victims that hasn’t handed out a cent four years after its creation. In a Justice Department budget hearing this week, Deputy Attorney General Rod Rosenstein told a congressional panel he would “figure out why it’s taking so long” for money to flow from the…

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Kochs and Other Madoff Investors Are Winners in Fight Over Profits Held Abroad – The New York Times

The company led by the American billionaire Koch brothers, along with dozens of banks and fund managers, kept billions of dollars in profit from Bernard L. Madoff’s Ponzi scheme in accounts offshore. As it turns out, that was a good decision. Koch Industries and others who invested in the Madoff fund from offshore accounts won a key ruling in federal…

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Bernard Madoff Investors to Receive Another Payout – Bankruptcy Beat – WSJ

Bernard Madoff’s cheated investors will receive another multimillion-dollar payout, bringing their total recoveries since the collapse of his Ponzi scheme to nearly $9.5 billion. Judge Stuart M. Bernstein of the U.S. Bankruptcy Court in Manhattan on Wednesday authorized the seventh payout to investors in Bernard L. Madoff Investment Securities LLC, court papers show. via Bernard Madoff Investors to Receive Another Payout –…

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