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More funds recovered for Bernie Madoff victims

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The trustee in liquidation of Bernie Madoff’s defunct and fraudulent investment firm announced on Friday a new distribution of recovered funds to defrauded clients.

This is the 14th payout to victims of Madoff’s Ponzi scheme and brings the total amount returned to more than $14 billion.

The trustee has been pursuing stolen client funds since Madoff pleaded guilty in 2009 and signaled there would be additional recoveries in 2023.

“We are proud to continue our quest to recover additional funds and return them to defrauded claimants,” trustee Irving Picard said in a statement.

When combined with previous distributions, the fourteenth distribution will equal approximately 70% of each customer’s authorized claim amount, unless such claim has been fully satisfied. The total amount distributed to eligible customers will total over $14.36 billion. This recovery far exceeds any previous restitution effort related to Ponzi schemes, both in terms of dollars and percentage of stolen funds recovered.

Madoff died of natural causes in April 2021 while being housed at Federal Medical Center in Butner, North Carolina. He was 82 years old.

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ABC News

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