WASHINGTON –
The U.S. Justice Department on Wednesday announced the distribution of US$372 million to victims of Bernie Madoff’s ponzi scheme, putting total recoveries above US$4 billion, the agency said in a statement.
Madoff died at age 82 last year in federal prison, where he was serving a 150-year sentence.
His massive scheme, estimated as high as US$64.8 billion, went undiscovered for years and ensnared thousands of victims, including charities, hedge funds, celebrities and pension funds.
Another US$14.5 billion has been recouped for victims of the former Bernard L. Madoff Investment Securities LLC by a court-appointed trustee liquidating that firm in bankruptcy.
