The Justice Department announced another $ 488 million compensation payment to the victims of the pyramid scheme, for the creation of which stockbroker Bernie Madoff was convicted in 2009. This sixth compensation payment is for 37,000 victims of fraud in the United States and around the world. The latest payment will bring the amount of compensation to $ 3.2 billion (80% of the total loss).
The Justice Department plans to pay the victims of the pyramid about $ 4 billion from the Madoff Victims Fund. Roughly $ 2.2 billion will be taken from the legacy of the late Jeffrey Picower, the largest investor in the Madoff pyramid. An additional $ 1.7 billion came from JPMorgan Chase, which is accused of not reporting suspicious transactions involving Madoff.
“This is an extraordinary level of compensation for the victims of the pyramid scheme,” said Audrey Strauss, Manhattan’s acting federal attorney. “But our work is not over yet. And we will continue to work tirelessly to compensate all victims of Madoff’s heinous crime. ”
Newspaper headline:
Compensation continues