Bernie Madoff Pays Another $506 Million To Ponzi Scheme Victims, Still Owes Billions
Although he is behind bars, Bernard Madoff is still paying for the Ponzi scheme he was arrested for back in 2008. According to CNN, the office of trustee Irving Picard and the Securities Investor Protection Corporation have returned an additional $506 million to Madoff victims. This means the total assets returned amount to $5.44 billion dollars, but it is only a fraction of the $17.5 billion Madoff was convicted of scamming from investors.
It is believed that Madoff pulled off the largest financial fraud in history, which led to a harsh 150-year sentence at a federal prison in Butner, N.C. His brother Peter recently began a 10-year sentence for assisting in covering up the scheme.
After this third payout, 1,106 accounts will be fully compensated, out of the total 2,178 victims, which means there is still a lot of work to do liquidating Madoff’s remaining assets to find funds for victims. The Feds have already seized property, jewelry and a yacht to recover money for duped investors.
SIPC President Stephen Harbeck said: “We applaud the hard work Trustee Picard has undertaken to recover monies and distribute them to customers at the failed BLMIS brokerage…. SIPC is pleased to continue to facilitate the work of the Trustee to make possible the maximum recovery and return of funds to customers. ”
Hopefully Mr. Madoff has assets left to satisfy the remaining accounts and finally give these victims closure.