Bernie Madoff's victims to receive final payout totaling $131 million

[BumRushDaShow]

Source: ABC News

December 30, 2024, 4:16 PM


The fund disbursing money to the victims of Bernie Madoff’s legendary Ponzi scheme began its 10th and final distribution on Monday, putting another $131 million in the pockets of swindled investors. Twenty-three thousand victims worldwide are receiving payments, bringing their total recoveries to 94% of their losses. Most of these victims were small investors who lost less than $500,000 in the fraud, according to federal prosecutors.

Since the collapse of Madoff’s investment house and his 2009 guilty plea, the Madoff Victim Fund has paid more than $4 billion to nearly 41,000 victims in 127 countries. The fund disbursing money to the victims of Bernie Madoff’s legendary Ponzi scheme began its 10th and final distribution on Monday, putting another $131 million in the pockets of swindled investors.

Twenty-three thousand victims worldwide are receiving payments, bringing their total recoveries to 94% of their losses. Most of these victims were small investors who lost less than $500,000 in the fraud, according to federal prosecutors.

Since the collapse of Madoff’s investment house and his 2009 guilty plea, the Madoff Victim Fund has paid more than $4 billion to nearly 41,000 victims in 127 countries.

Read more: https://abcnews.go.com/Business/fund-bernie-madoff-victims-begins-final-payout-131/story?id=117208247

[ColinC]

1. Cool. Now can we get a payout to all the poor people who have been scammed and lost their livelihoods?

[flor-de-jasmim]

2. One more argument for wage increases is found in the wording

that people losing up to 500K are SMALL investors! We should all be so small!

[IbogaProject]

7. Yes how about public recovery of all costs

Any millionaires invested in that tax-scam shoukd owe us all for any and all recovery costs. Hedge funds are by definition for investors willing to accept increased risks in exchange for lower regulatory regulation and ubreasonablely low tax treatment.

[C0RI0LANUS]

3. This interactive map used to detail Madoff's victims. No Trump family members were bamboozled when I checked years ago.

Feel bad for the investors who lost $500K?

According to research, most Americans will die penniless. Around 73% of Americans will die with debt, according to a 2016 poll by Credit.com. The average amount of outstanding debt at the time of the report was an alarming $61,554.00 per person. Around 68% of those studied had credit card debt, 37% had mortgage debt, and 6% died with student loans.


Sources:

https://madoffvictimfund.com/

https://www.justice.gov/opa/pr/justice-departments-10th-distribution-brings-total-provided-over-43b-nearly-full-recovery

https://www.armstrongeconomics.com/international-news/north_america/most-americans-will-die-penniless/

[Bengus81]

4. As a senior I've said to myself over and over you can't afford to live and

and can't afford to die...


The fucks that own the electric,gas,water (city owned) cable and even trash companies just do a endless loop of rate hikes--and I've yet to see just ONE where our KCC-if applicable says NO to them. They ask for twice the increase they really want just to make sure they get what they want. They get one rate increase done and 8-9 months later file for another.

Most of their CEO's drag down $10+ million per year and then they BITCH about their costs. Where I live the home property taxes have been jacked so much over the last five years seniors can't keep up (I'm one of them) with mikey mouse 2.5% SS increases. And...of course you never actually get 2.5% either because of Medicare increases. Home insurance rates are ridiculous and keep going up. When you have a hurricane in Florida we get rate hikes in Kansas.

[C0RI0LANUS]

8. Hi Bengus81

You summed up the situation well for many Americans and I empathize with you. A few of my professional friends close to 70 still have to work. I suspect one of them has little to nothing in savings or retirement accounts and he doesn't own a home. He confided to me that he'll be depending on his children for support when he finally retires.

I've noticed more elderly folks working in the service industries over the past several years and consumers buying food from the Dollaramas.

Like you wrote, the cost of living is getting too high. And the cost of dying is high too. One person I know let the government bury his mother at the "Potter's Field" because he couldn't afford a funeral. Years later I learned a distant cousin of mine had their deceased brother cremated because the cost of breaking the ground for a burial in that state is exorbitant and mandatory.

Capitalism works great for those at the top of the pyramid, not for the majority of us at the bottom.

You hang in there Bengus81, you are not alone.

Links:

https://www.pbs.org/newshour/nation/more-seniors-are-becoming-homeless-and-experts-say-the-trend-is-likely-to-worsen

[SharonAnn]

9. Trump's family didn't have any real money to invest. They deal in debt. Their own Ponzi schemes.

[C0RI0LANUS]

14. Happy New Year, SharonAnn. Graham Greene wrote "evil recognizes evil." You are correct, both pilfed in their own ways.

And thank you for 'volunteering' that information to us.

[ms liberty]

5. Kevin Bacon and Kyra Sedgwick lost most of their money to Madoff

Madoff scammed everyone he could pull in.

[dsc]

11. It is a major reason she signed up to do the Closer

[ms liberty]

12. I love that show, and Major Crimes.

[Sogo]

6. Who funds the Madoff Victim Fund??

nt.

[IbogaProject]

10. They just grabbed all the leftovers

And with nearly 20 years of apprication they can call nominal sums in 2023 & 24 as covering same amount from 2007. So there is an illusion these people were not made whole. Any income tax on those phantom gains wasn't returned either. Again every one of these "investors" signed off on that their investments were "risk capital" and agreed that was fully able to be lost with out them being harmed.

There used to be a loophole where one could qualify by claiming investment sophistication "alone or with a professional advisor". That one loophole was closed after this. Private equity, hedge funds and single family offices all need to be abolished. Also no one should be allowed more leverage than another. This whole scam relies on being able to use more leverage than a retail investor can. At tge least more leverage should equal higher taxes.

[Aristus]

13. One of our dear DU-ers was a victim of that asshole.

She died not long ago, and so will not get any of the payout. She was really in need of it, too.