Thursday that it has begun distributing compensation to victims of Bernie L. Madoff Investment Securities LLC’s (BLMIS) Ponzi scheme.
The first set of distributions involve $722.5 million that will be distributed to 24,631 victims. The distribution is the largest distribution of forfeited funds in the DOJ’s history.
The funds will be distributed through the Madoff Victim Fund (MVF). In total, $4.05 billion will be distributed to victims of BLMIS. More than 65,000 petitions were submitted to the MVF, which represents victims from 136 countries. Most of the funds were recovered from third parties, not Bernie Madoff himself. $2.2 billion was recovered from the estate of Madoff investor Jeffry Picower, and $1.7 billion was recovered from JPMorgan Chase Bank N.A..
As carried in jurist