{"id":204977,"date":"2024-12-31T02:46:06","date_gmt":"2024-12-31T02:46:06","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/12\/31\/madoff-fraud-victims-get-4-3bn-as-fund-completes-payouts\/"},"modified":"2024-12-31T02:46:06","modified_gmt":"2024-12-31T02:46:06","slug":"madoff-fraud-victims-get-4-3bn-as-fund-completes-payouts","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/12\/31\/madoff-fraud-victims-get-4-3bn-as-fund-completes-payouts\/","title":{"rendered":"Madoff fraud victims get $4.3bn as fund completes payouts"},"content":{"rendered":"
\"Madoff<\/div>


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A fund created by the US government to help compensate victims of the late fraudster Bernard Madoff has begun making its final round of payments, according to a statement by the Department of Justice (DoJ).<\/p>\n

The payouts being made by the Madoff Victim Fund (MVF) are worth $131.4m (\u00a3104.6m) and are set to bring the total amount it has handed out to 40,930 claimants to $4.3bn.<\/p>\n

Madoff, a Wall Street financier disgraced after he admitted to one of the biggest frauds in US financial history, died in prison in 2021<\/a>.<\/p>\n

He had been serving a 150-year sentence<\/a> after pleading guilty in 2009 to running a so-called Ponzi scheme, which paid investors with money from new clients rather than actual profits.<\/p>\n<\/div>\n

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“MVF’s distributions offset one of the most monstrous financial crimes ever committed,” said Richard C Breeden, who runs the MVF.<\/p>\n

Mr Breeden is a former chairman of the US financial regulator, the Securities and Exchange Commission (SEC).<\/p>\n

“We have brought tens of thousands of victims to the greatest recovery we could achieve,” he added.<\/p>\n

Madoff’s victims were a mixture of wealthy individuals, less well-off people and companies – both large and small – as well as schools, charities and pension funds.<\/p>\n

The MFV estimates it will have recovered nearly 94% of the victims’ proven losses when it completes its mission in 2025.<\/p>\n

Another $14.7bn has been returned through bankruptcy proceedings to Madoff customers.<\/p>\n

Madoff’s investment firm collapsed during the 2008 financial crisis.<\/p>\n

Set up in 1960, Bernard L Madoff Investment Securities became one of Wall Street’s largest market-makers – matching buyers and sellers of stocks – and Madoff served as chairman of the Nasdaq stock trading platform.<\/p>\n

Over the years, the firm was investigated eight times by SEC because it made exceptional returns.<\/p>\n

But it was the global recession which prompted the firm’s demise as Madoff investors, hit by the downturn, tried to withdraw about $7bn and he could not find the money to cover it.<\/p>\n

The list of those scammed included actor Kevin Bacon, Hall of Fame baseball player Sandy Koufax and film director Steven Spielberg’s charitable foundation, Wunderkinder.<\/p>\n

UK banks were also among those who lost money, with HSBC Holdings saying it had exposure of around $1bn. Other corporate victims were Royal Bank of Scotland and Man Group and Japan’s Nomura Holdings.<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A fund created by the US government to help compensate victims of the late fraudster Bernard Madoff has begun making its final round of payments, according to a statement by the Department of Justice (DoJ). The payouts being made by the Madoff Victim Fund (MVF) are worth $131.4m (\u00a3104.6m) and are set to bring the […]<\/p>\n","protected":false},"author":2,"featured_media":204978,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/ichef.bbci.co.uk\/news\/1024\/branded_news\/18d5\/live\/bf740910-c718-11ef-9674-c119860069d4.jpg","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[161432,10118,6229,5215,161431,26984,5544],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/204977"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=204977"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/204977\/revisions"}],"predecessor-version":[{"id":204979,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/204977\/revisions\/204979"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/204978"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=204977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=204977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=204977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}