Madoff fraud victims get $4.3bn as fund completes payouts

Victims of one of the biggest frauds in US history set to recover more than 90% of proven losses.

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The payouts being made by the Madoff Victim Fund (MVF) are worth $131.4m (£104.6m) and will bring the total amount it has returned to 40,930 claimants to $4.3bn.

Madoff, a Wall Street financier disgraced after he admitted to one of the biggest frauds in US financial history, died in prison in 2021.

He had been serving a 150-year sentence after pleading guilty in 2009 to running a so-called Ponzi scheme, which paid investors with money from new clients rather than actual profits.

"MVF's distributions offset one of the most monstrous financial crimes ever committed," said Richard C Breeden, who runs the MVF.

https://www.bbc.com/news/articles/c140yjm5znzo

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