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September 28, 2022 at 03:00 PM
Victims of Bernard Madoff’s massive Ponzi scheme will soon get another $372 million in payouts, bringing the total amount distributed from a government fund to more than $4 billion since the collapse of the fraudster’s company in 2008.
The eighth payment so far from the U.S. Justice Department’s Madoff Victim Fund will go out to about 40,000 victims worldwide, and will increase the total recovery from all sources of compensation to 88% of losses, the U.S. Attorney’s Office in Manhattan said Wednesday in a statement.
The money was raised through government settlements with Madoff’s bank, JPMorgan Chase & Co., as well as some of his oldest customers, such as investor Jeffry Picower, who died in 2009, according to the statement.
Madoff died last year in prison, where he was serving a 150-year prison term.
