'Unprecedented Scope': Almost All of Bernie Madoff's Ponzi Scheme Victims Have Recovered Their Losses, According to the DOJ Bernie Madoff died in prison in 2021 while serving a 150-year sentence.
By Erin Davis Edited by Sherin Shibu
The final payments to victims of Bernie Madoff's Ponzi scheme are underway, according to the Department of Justice (DOJ).
In March 2009, Madoff pleaded guilty to 11 felonies that authorities at the time called the biggest Ponzi scheme in the world.
About 16 years later, the last disbursement (more than $131 million) began earlier this week and will be sent to 23,000 victims. The DOJ noted that this final payment accounts for 94% of the estimated losses from the scam.
"This office has never stopped at pursuing justice for victims of history's largest Ponzi scheme," said Acting U.S. Attorney Edward Y. Kim for the Southern District of New York, in a statement. "With this 10th and final distribution, we have succeeded in compensating 40,930 victims with close to 94% of their losses. As this extraordinary effort demonstrates, this office and MLARS are committed to protecting and assisting victims of crime, no matter how long it takes and no matter how complicated the endeavor."
After the final round is completed, over $4 billion from the Madoff Victim Fund will have been given back to 40,000 victims in nearly 130 countries, per the agency.
Related: What Did Bernie Madoff Do? Everything to Know About the Disgraced Financier
What Did Bernie Madoff Do?
Madoff pleaded guilty to 11 felony charges including securities fraud and money laundering in 2009 and was sentenced to 150 years in prison for "running the largest fraudulent scheme in history," according to the DOJ.
He died at age 82 in April 2021.
"He stole from the rich. He stole from the poor. He stole from the in-between. He had no values," said former investor Tom Fitzmaurice at Madoff's sentencing, per AP News. "He cheated his victims out of their money so he and his wife ... could live a life of luxury beyond belief."
