The Madoff Victim Fund completes its final payouts, totaling $4.3 billion to victims of the infamous Ponzi scheme across 127 countries
In total, around 40,930 victims from 127 countries have received compensation. Most of these people were just regular investors, many losing less than $500,000. It’s heartbreaking to think about how many lives were affected.
The fund is dishing out $131.4 million in this last round to over 23,000 people worldwide. Richard Breeden, who oversees the fund, made sure no one was left behind, even those who lost money indirectly through feeder funds.
Madoff, who was once seen as a financial genius, ran one of the biggest frauds in U.S. history. He passed away in prison in 2021, serving a 150-year sentence. The whole thing started to unravel during the 2008 financial crisis when investors wanted their money back.
It’s been a long road for the victims, but they’re finally seeing some justice. The fund was built from settlements with Madoff’s former bank and other sources, and it’s a relief to know that so many people are getting some of their money back after such a devastating loss.
