October 16, 2021

Madoff Scheme Victims Get New $568M Distribution

Madoff, who pleaded guilty to 11 felonies in 2009, died in prison earlier this year at the age of 82 while serving a 150-year sentence.

A federal judge had refused Madoff’s request for compassionate release last June, saying that the sentence was meant to reflect the “extraordinarily evil” nature of Madoff’s offense.

“Although this was a financial crime, as I observed at sentencing, it was not ‘bloodless.’ Rather, it has taken and continues to take ‘a staggering human toll,’ causing heartache, despair, and even suicide,” the judge wrote at the time.

The Madoff Victim Fund, headed by former U.S. Securities and Exchange Commission chair Richard Breedan, is tasked with distributing money forfeited to the federal government. To date, the fund has distributed more than 170,500 total payments to 39,500 victims, according to its website.

In a statement, Breedan said that the latest distribution included newly…

Read full article here: www.thinkadvisor.com