Timothy A. Clary | AFP | Getty Images
Bernard L. Madoff leaves U.S. Federal Court on Jan. 14, 2009, after a listening to concerning his bail in New York.
Bernie Madoff’s victims will begin to see some financial aid quickly.
The Department of Justice introduced Thursday that an preliminary distribution had begun to greater than 24,000 victims of Madoff’s Ponzi scheme, known as the most important Ponzi scheme in historical past.
“We have recovered billions of dollars from third parties – not Mr. Madoff – and are now returning that money to tens of thousands of victims,” Deputy Attorney General Rod J. Rosenstein mentioned in an announcement.
Rosenstein known as the distribution the most important restoration of property ever.
The preliminary distribution contains $772.5 million, solely a fraction of the greater than $four billion in property that had been recovered for the victims in whole, in accordance with a press launch issued at this time.
Madoff used his place because the chairman of Bernard L. Madoff Investment Securities to swindle billions of from tens of 1000’s of individuals over the course of greater than 4 many years between the early 1970s and his 2008 arrest.
On March 12, 2009, Madoff pled responsible to 11 federal felonies and was sentenced to 150 years in jail. He was additionally ordered to forfeit $170,799,000,000.
Of the $four billion that will probably be distributed to victims of the scheme, greater than half got here from the property of Jeffry Picower, a Madoff investor who reportedly profited greater than Madoff from the Ponzi scheme and was later sued by Madoff traders.
Another $1.7 billion was collected as a part of an settlement with JPMorgan Chase Bank, in accordance with the Justice Department’s launch. The financial institution was fined underneath the Bank Secrecy Act, which requires banks to inform legislation enforcement of suspicious exercise.