$504 million more to victims of Madoff ponzi scheme.
Madoff ponzi scheme victims are to receive another $504 million from assets that government seized after the collapse of one of the largest frauds in history. Payments to victims could reach $4 billion. Much of these funds were recovered from Madoff’s family and friends, Madoff’s bank J.P. Morgan Chase, and from wealthy investors who had cashed out billions of what turned out to be fictitious profits.
Click on photo to read the NY Times article by Katie Benner.
These payouts from civil asset forfeitures are separate from the approximately $11 billion that court-appointed trustee Irving Picard has repaid in connection with a class action lawsuit against Madoff. Class actions aren’t so bad after all.
Madoff was sentenced to 150 years in prison.
Lisa Bragança recovers losses for investors all over the country, protects whistleblowers, and defends individuals and businesses in government investigations. As a Branch Chief with the SEC Division of Enforcement, Lisa investigated a wide range of investment fraud and Wall Street misconduct.
You can reach Lisa at (847) 906-3460 or Info@RetirementSavingsDefender.com. You can follow Lisa on Twitter @LisaBraganca.
Disclaimer: This information is for general purposes only and should not be interpreted to indicate a certain result will occur in your specific legal situation. The information on this website is not legal advice and does not create an attorney-client relationship.