Madoff Victims Get Another $500 Million From Recovery Efforts
Bernard Madoff is escorted into federal court in New York, on March 12, 2009.
Photographer: Jin Lee/Bloomberg
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The Justice Department is making more payments to victims of Bernard Madoff’s Ponzi scheme, tapping a U.S. fund that will eventually distribute $4 billion forfeited by the con man’s longtime bank, JPMorgan Chase & Co, and one of his biggest customers.
The $504 million payout announced Thursday brings the DOJ’s distribution to more than $1.2 billion a decade after the collapse of Manhattan-based Bernard L. Madoff Investment Securities LLC, the agency said in a statement. The first round of checks went out in November.