Madoff Victims Get First Payments From Recovered $4 Billion
- Fund set up in 2012 with cash from con man’s major customer
- JPMorgan Chase also contributed to the fund with U.S. accord
Bernard Madoff leaving U.S. Federal Court in 2009.
Photographer: TIMOTHY A. CLARY/AFP via Getty Images
This article is for subscribers only.
The U.S. Justice Department started a long-delayed distribution to victims of Bernard Madoff’s Ponzi scheme, tapping a $4 billion fund created through settlements with some of the con man’s oldest customers and his bank, JPMorgan Chase & Co.
The Madoff Victim Fund will return $772.5 million to more than 24,000 victims worldwide, the first in a series of distributions. The payouts will eventually become the largest of forfeited funds in the history of the Justice Department’s victim-compensation program, the agency said Thursday in a statement.