Almost All of Bernie Madoff's Ponzi Scheme Victims Have Recovered Their Losses, According to the DOJ

[Yo_Mama_Been_Loggin]

The final payments to victims of Bernie Madoff's Ponzi scheme are underway, according to the Department of Justice (DOJ).

In March 2009, Madoff pleaded guilty to 11 felonies that authorities at the time called the biggest Ponzi scheme in the world.

About 16 years later, the last disbursement (more than $131 million) began earlier this week and will be sent to 23,000 victims. The DOJ noted that this final payment accounts for 94% of the estimated losses from the scam.

"This office has never stopped at pursuing justice for victims of history's largest Ponzi scheme," said Acting U.S. Attorney Edward Y. Kim for the Southern District of New York, in a statement. "With this 10th and final distribution, we have succeeded in compensating 40,930 victims with close to 94% of their losses. As this extraordinary effort demonstrates, this office and MLARS are committed to protecting and assisting victims of crime, no matter how long it takes and no matter how complicated the endeavor."

https://www.msn.com/en-us/money/companies/unprecedented-scope-almost-all-of-bernie-madoff-s-ponzi-scheme-victims-have-recovered-their-losses-according-to-the-doj/ar-AA1wRvSi

[unblock]

1. To be more accurate, they distributed the losses more evenly

A ton of money was recovered from victims who thought they had earned a profit and had withdrawn their money, but they were forced to disgorge the profits now that they were known to be fictitious.

I.e., people who thought they lucked out by getting out before the sh*t hit the fan were made to participate in the losses even if they had no idea it was a scam.

[WestMichRad]

2. K&R