A new distribution of cash recovered to defrauded clients was disclosed by the trustee overseeing the liquidation of Bernie Madoff’s failed and fraudulent investment company on Friday.
With this, Madoff’s Ponzi scheme victims will get their fourteenth distribution, bringing the total amount recovered to almost $14 billion.
Since Madoff admitted guilt in 2009 and promised more recovery in 2023, the trustee has been pursuing stolen consumer funds “
The trustee, Irving Picard, said in a statement, “We are happy to continue our search to recover additional funds and return them to cheated claimants.
“Unless such claim has been entirely met, the fourteenth payout will, when added to the earlier distributions, constitute approximately 70% of each Customer’s Allowable Claim Amount.
More than $14.36 billion will be distributed in total to qualified clients. In terms of cash recovered and the proportion of stolen funds returned, this recovery considerably outpaces any preceding restitution effort connected to Ponzi schemes.
In April 2021, while Madoff was residing in the Federal Medical Center in Butner, North Carolina, he passed away naturally.