Skip To Content
We’ve Taken Down the Forward Paywall: An Open Letter to Our ReadersRead Now
Breaking News

11,000 Madoff Victims Could Receive Payments On Claims

About 11,000 victims of Bernard Madoff’s Ponzi scheme could recover some of their losses.

Richard Breeden, special master of the Madoff Victim Fund, said he will recommend U.S. Justice Department approval for payments on the claims totaling some $1.3 billion, Reuters reported Friday. The fund, which contains more than $4 billion, allows those who were indirectly affected by the scheme, such as hedge fund and bank clients, to try to recoup some of their losses.

The number of victims who could be approved for payments could double in the future, according to Reuters. Some 60,000 claims are being reviewed.

The fund is separate from the monies being administered by trustee Irving Picard, who is liquidating Madoff’s business.

Madoff victims lost about $17.5 billion of principal in the scheme.

Madoff, 76, is serving a 150-year sentence in federal prison for a scheme believed to be the largest of its kind in U.S. history. He pleaded guilty in March 2009.

The scheme affected a disproportionate number of Jewish individuals and organizations.


Republish This Story

Please read before republishing

We’re happy to make this story available to republish for free, unless it originated with JTA, Haaretz or another publication (as indicated on the article) and as long as you follow our guidelines. You must credit the Forward, retain our pixel and preserve our canonical link in Google search.  See our full guidelines for more information, and this guide for detail about canonical URLs.

To republish, copy the HTML by clicking on the yellow button to the right; it includes our tracking pixel, all paragraph styles and hyperlinks, the author byline and credit to the Forward. It does not include images; to avoid copyright violations, you must add them manually, following our guidelines. Please email us at [email protected], subject line “republish,” with any questions or to let us know what stories you’re picking up.

We don't support Internet Explorer

Please use Chrome, Safari, Firefox, or Edge to view this site.