Madoff Victims Receive $372 Million in Latest Payment, Bringing Total to $4 Billion

This latest payment brings the total amount paid to Madoff victims to over $4 billion.

Bernie Madoff walking out of court, surrounded by security
Bernie Madoff in 2009.
(Photo by Hiroko Masuike/Getty Images)

Victims of Bernie Madoff’s financial fraud will see $372 million in the latest payout from a fund established by the Department of Justice.

This payment will mark the eighth from the Madoff Victim Fund, bringing its total distribution to Madoff victims to $4.05 billion, according to a Sept. 28 statement from the U.S. Attorney’s Office in Manhattan.

The money will go to 40,000 victims worldwide, bringing their recovery from all sources of compensation to 88 percent.

Madoff, who used his investment advisory business BLMIS to steal billions from clients, pled guilty to the world’s largest Ponzi scheme in 2009. The Madoff Victim Fund is funded through various recoveries, which include a $2.2 billion collection from the estate of deceased Madoff investor Jeffry Picower and $1.7 billion settlement with Madoff’s bank, JP Morgan Chase & Co.

“But our work is not complete, and this office’s tireless commitment to compensating the victims who suffered as a result of Madoff’s crimes continues,” said U.S. Attorney Damian Williams in a statement.

Madoff Victims Receive $372 Million in Latest Payment, Bringing Total to $4 Billion