About 11,000 victims of Bernard Madoff’s Ponzi scheme could recover some of their losses.
Richard Breeden, special master of the Madoff Victim Fund, said he will recommend US Justice Department approval for payments on the claims totaling some $1.3 billion, Reuters reported Friday. The fund, which contains more than $4 billion, allows those who were indirectly affected by the scheme, such as hedge fund and bank clients, to try to recoup some of their losses.
The number of victims who could be approved for payments could double in the future, according to Reuters. Some 60,000 claims are being reviewed.
The fund is separate from the monies being administered by trustee Irving Picard, who is liquidating Madoff’s business.
Madoff victims lost about $17.5 billion of principal in the scheme.
Get The Times of Israel's Daily Edition
by email and never miss our top stories
By signing up, you agree to the
terms
Madoff, 76, is serving a 150-year sentence in federal prison for a scheme believed to be the largest of its kind in US history. He pleaded guilty in March 2009.
The scheme affected a disproportionate number of Jewish individuals and organizations.
Help us report truthfully on social media
As a multimedia journalist, my job is to take the quality, fact-based journalism produced by The Times of Israel newsroom and make it accessible across every platform — from Instagram posts to podcasts to short-form videos.
This is how many, especially young people, consume news these days. But misinformation is rampant on social media. Our team at ToI produces accurate, responsible short-form reporting on Israel and the Jewish world.
If you believe in the importance of factual social media journalism, please consider joining our reader support group, The Times of Israel Community. Your financial support is essential to sustain responsible multimedia reporting.
— Gabriella Jacobs, multimedia journalist
Support our work
Support our work
Already a member? Sign in to stop seeing this
You're a dedicated reader
We’re really pleased that you’ve read X Times of Israel articles in the past month.
That’s why we started the Times of Israel - to provide discerning readers like you with must-read coverage of Israel and the Jewish world.
So now we have a request. Unlike other news outlets, we haven’t put up a paywall. But as the journalism we do is costly, we invite readers for whom The Times of Israel has become important to help support our work by joining The Times of Israel Community.
For as little as $6 a month you can help support our quality journalism while enjoying The Times of Israel AD-FREE, as well as accessing exclusive content available only to Times of Israel Community members.
Thank you,
David Horovitz, Founding Editor of The Times of Israel
Join Our Community
Join Our Community
Already a member? Sign in to stop seeing this
Add ToI as a Preferred Source on Google
