{"id":2123139,"date":"2023-12-12T17:37:02","date_gmt":"2023-12-12T22:37:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bernie-madoff-victims-paid-dispersed-159m-in-ponzi-scheme-compensation-fund\/"},"modified":"2023-12-12T17:38:48","modified_gmt":"2023-12-12T22:38:48","slug":"bernie-madoff-victims-paid-dispersed-159m-in-ponzi-scheme-compensation-fund","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bernie-madoff-victims-paid-dispersed-159m-in-ponzi-scheme-compensation-fund\/","title":{"rendered":"Bernie Madoff victims receive $159M in compensation fund"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbernie-madoff-victims-paid-dispersed-159m-in-ponzi-scheme-compensation-fund%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2123139&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">Photo credit should read TIMOTHY A. CLARY\/AFP \u200bvia \u200bGetty\u200b Images)<\/figcaption><\/figure>\n<p>OAN\u2019s <a href=\"https:\/\/www.oann.com\/tag\/abril-elfi\" target=\"_blank\" rel=\"noreferrer noopener\">Abril \u2064Elfi<\/a><br \/>1:40 PM \u2013\u200c Tuesday, December 12, 2023<\/p>\n<p><strong>The victims \u200bof Bernie Madoff\u2019s Ponzi scheme have received their ninth compensation payment.<\/strong><\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The Department of\u200c Justice \u2062(DOJ) announced on Monday that the fund established to\u200b compensate victims of\u200b Bernie Madoff\u2019s infamous Ponzi scheme has initiated its ninth payout. This distribution grants nearly 25,000 individuals worldwide\u2063 access\u2064 to approximately $159 million in seized funds.<\/p>\n<p>The announcement sheds light on the lasting impact of Madoff\u2019s $65 billion securities fraud scam. It comes 15\u2063 years\u2064 after his\u2062 arrest and over two years after his death in prison.<\/p>\n<p><strong>Nicole Argentieri, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/doj-announces-actions-against-bogus-covid-19-cures\/\" title=\"DOJ Announces Actions Against Bogus COVID-19 Cures\">acting assistant attorney general<\/a> of\u2064 the\u2062 DOJ\u2019s criminal division,\u2063 stated\u200b in a \u2062press release that the collapse of the largest fraud \u2064scheme in \u2064history &#8220;devastated\u2062 thousands of lives.&#8221;<\/strong><\/p>\n<p>The \u2064DOJ revealed that the fund has already distributed \u200dover $4.2 billion to more than 40,800 victims who\u2063 suffered financial losses due to\u2064 the scam.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p><strong>&#8220;Thanks to the Madoff Victim Fund, over 90% of victim losses \u200dhave now been recovered,&#8221; said Argentieri.<\/strong><\/p>\n<\/blockquote>\n<p>Madoff deceived \u2063numerous financial institutions and even prominent\u200b celebrities for decades.<\/p>\n<p><strong>U.S. Attorney Damian \u2062Williams emphasized that among \u2064the victims were \u200dpension funds and charitable organizations managing\u200d assets for individuals who relied on their pension accounts\u200d for retirement.<\/strong><\/p>\n<p>In March 2009, Madoff admitted\u200c to operating \u200dhis investment advisory\u200d firm, \u2063Bernard L. \u200cMadoff\u2062 Investment Securities \u200dLLC, as a massive Ponzi scheme.\u2062 He had taken \u2062billions of dollars from his clients. <\/p>\n<p>Following\u2063 a civil forfeiture recovery from the estate of Jeffrey Picower, \u2063a late Madoff investor\u200b and the scheme&#8217;s largest beneficiary,\u200c the victims fund has accumulated approximately\u2063 $2.2 billion.<\/p>\n<p><strong>Stay informed! Subscribe here \u200cto <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/xi-jinping-and-vladimir-putin-meet-in-kremlin\/\" title=\"Xi Jinping and Vladimir Putin meet in Kremlin\">receive breaking news blasts directly<\/a> to your inbox\u200b for free.<\/strong> <a href=\"https:\/\/www.oann.com\/alerts\">https:\/\/www.oann.com\/alerts<\/a><\/p>\n<\/p>\n<div id=\"rc-widget-10bad2\" data-rc-widget data-widget-host=\"habitat\" data-endpoint=\"\/\/trends.revcontent.com\" data-widget-id=\"278641\"><\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\"> \t\t<strong>Share this post!<\/strong>\t<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>GOP lawmakers tell One\u200c America News that the facts and the votes are\u200d there to approve\u2063 a\u2064 resolution on\u2063 the floor\u200c of\u2064 the House officially to start an impeachment inquiry into Joe Biden.\u200c <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>In \u200can attempt to showcase unwavering support of Ukraine, President Biden \u2063hosts\u200d Ukrainian President Zelenskyy at the \u200cWhite House. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Police are\u200b investigating\u2064 a hate crime attack in Beverly Hills, California. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Arden Young<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Netflix \u2062is set to pull ahead of Disney+ in the race \u200dfor U.S. advertising dollars next year as price hikes\u200c and a password-sharing crackdown pull more viewers to\u200c its ad-supported plan.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Microsoft and the AFL-CIO union federation said they had \u2062struck a\u200c deal whereby the\u200d software giant\u2063 will \u200cremain neutral\u2063 in efforts\u200c by unions to encourage workers to become members.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Amazon.com asked a federal court to dismiss a\u200d U.S. government antitrust lawsuit which accuses the company of\u200b using illegal strategies to boost profits at\u200b its online retail empire.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>More\u200d than 10 million people have \u200csigned up for X in December, X CEO Linda Yaccarino said in a post on the social media platform.<\/p>\n<\/p><\/div>\n<p> rnrn  <\/p>\n<h2> What additional factors, beyond financial losses, should be considered when \u200dassessing \u200cthe impact of the Madoff Ponzi\u2063 scheme on its \u2063victims<\/h2>\n<p><span>  News alerts directly\u200d to your inbox.<\/strong><\/p>\n<p>The Madoff \u200cVictim\u200b Fund was \u200ccreated in 2013 as \u2064a result of\u2062 a settlement between the \u2062DOJ,\u2062 the Securities and Exchange Commission (SEC), and the \u200cestate of Bernard Madoff. Its purpose was to distribute recovered funds to the \u200dvictims of Madoff&#8217;s Ponzi scheme.<\/p>\n<p>Madoff&#8217;s scam, which began in the 1970s and lasted\u200b until\u200d his arrest in 2008, \u200dinvolved\u200d enticing\u2062 investors with consistently high returns. However, he was\u2062 actually using the money from \u2064new investors\u2064 to pay returns\u2062 to existing ones, creating\u200b a false sense of success and sustainability.<\/p>\n<p>When the scheme eventually collapsed, it\u2062 revealed that Madoff had defrauded \u200dthousands of individuals,\u2062 including celebrities, financial institutions, and charitable organizations. The\u2062 impact on these victims was devastating, with\u200c many losing their life savings and \u200blivelihoods.<\/p>\n<p>The\u2062 ongoing \u200bdistributions from the Madoff Victim Fund\u2062 aim to provide some measure of relief to these victims. The\u2063 recent ninth payout\u2062 of \u200dapproximately $159 million\u200c will benefit around 25,000 individuals worldwide who suffered losses as a result \u2062of the Ponzi\u200b scheme.<\/p>\n<p>Nicole\u200d Argentieri, the acting assistant attorney\u200c general of the DOJ&#8217;s criminal division, emphasized the significance of this compensation, stating that Madoff&#8217;s scheme\u2063 had\u200c &#8220;devastated \u200cthousands \u2062of lives.&#8221; She also highlighted \u200bthat thanks to \u2062the Madoff Victim Fund,\u200b over 90% of victim \u2062losses have now been recovered.<\/p>\n<p>The fund has already distributed over $4.2 billion to more \u2064than 40,800\u2063 victims, demonstrating its commitment to providing \u200crestitution.\u200b U.S. \u2064Attorney \u2062Damian\u200c Williams pointed out that among these victims were pension funds and charitable organizations,\u200b whose \u200dassets were crucial for individuals relying \u2063on\u2063 their pension accounts for retirement.<\/p>\n<p>The recovery of funds\u2063 for the Madoff Victim Fund was further\u2064 aided by a civil forfeiture recovery from the estate of \u2063Jeffrey Picower, one of\u2063 Madoff&#8217;s investors and the largest beneficiary\u200c of \u2063the \u2063scheme.\u2064 This \u200brecovery added approximately $2.2 billion to \u2063the fund.<\/p>\n<p>While the distributions from the Madoff Victim Fund are undoubtedly a significant step towards helping \u200cthe \u200cvictims rebuild their lives, it is\u2062 important to remember that \u2063the \u2063impact of Madoff&#8217;s fraudulent activities cannot simply be measured \u200din financial terms. \u2062The emotional and psychological toll \u200con the\u2062 victims\u2064 is immeasurable and will likely endure\u2062 long after the\u2062 final compensation payment has been made.<\/p>\n<p>The Madoff case serves as \u200ba stark reminder of the importance\u2062 of rigorous oversight and regulation\u2063 in the financial industry \u200cto prevent such frauds\u2062 from happening in \u2062the future. It also highlights\u2064 the need\u200d for individuals to exercise\u2064 caution and due diligence when investing their hard-earned money.<\/p>\n<p>As we reflect on the ninth compensation payment from the Madoff Victim Fund, let us\u200c not forget the victims\u2063 who have borne the brunt of this massive Ponzi scheme.\u200d May this \u2063distribution bring them some solace and serve \u2063as\u2064 a \u2062reminder that justice\u2064 can prevail, even in \u200bthe face of such overwhelming deceit.<\/p>\n<\/div>\n<p><\/body><\/html><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Made its ninth payment. The DOJ confirmed that victims of Bernie Madoff&#8217;s Ponzi scheme received their latest compensation. (Photo credit: TIMOTHY A. CLARY\/AFP via Getty Images)<\/p>\n","protected":false},"author":2196,"featured_media":2123140,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2123139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2123139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2196"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2123139"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2123139\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2123140"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2123139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2123139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2123139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}