us makes first payments to victims of bernie madoffs fraud
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

US makes first payments to victims of Bernie Madoff's fraud

Arab Today, arab today

Arab Today, arab today US makes first payments to victims of Bernie Madoff's fraud

A fund to compensate the victims of convicted financier Bernard Madoff
New York - Arab Today

Thousands of victims of Bernie Madoff's multi-billion-dollar fraud, who lost their savings and were ruined when the investment scheme collapsed in 2008, have been paid compensation, officials announced Thursday.

The Madoff Victim Fund paid out $772.5 million to 24,631 victims around the world in the first payments to those who lost their money with Madoff, the Justice Department said in a statement.

The fund, established by the Justice Department to handle victim complaints, was tasked with returning $4 billion seized by American authorities. It has received 65,000 complaints from 136 countries from investors who lost a total of $40 billion to Madoff, according to the fund.

"No amount of money in the world could ever reverse the catastrophic effects Madoff's historic Ponzi scheme had on individuals and businesses alike," said William Sweeney, assistant director of the Federal Bureau of Investigation's New York Division.

"But now, nearly a decade after this crime was exposed, it is our hope that victims will finally be able to see the light at the end of a long, dark tunnel."

The Madoff scheme was revealed during the financial crisis in 2008 when he was unable to satisfy growing client demands to withdraw their investments.

Madoff currently is serving a 150-year prison sentence for orchestrating the world's largest Ponzi scheme, which bilked investors of an estimated at $65 billion when principal and lost interest are counted.

The victim fund is separate from efforts overseen by attorney Irving Picard, a court-appointed trustee chosen to recover assets from Bernard L. Madoff Investment Securities. Those efforts already have collected and returned billions invested by Madoff clients.

A pyramid, or Ponzi scheme is a form of fraud in which returns on investments are generated only by bringing in from fresh investments from new victims. Cash from new clients is used to pay existing clients until the scheme eventually collapses.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us makes first payments to victims of bernie madoffs fraud us makes first payments to victims of bernie madoffs fraud

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us makes first payments to victims of bernie madoffs fraud us makes first payments to victims of bernie madoffs fraud

 



GMT 20:53 2018 Monday ,22 October

PM Imran Khan to leave for Saudi Arabia today

GMT 08:20 2018 Tuesday ,16 January

Lamborghini races to new sales record

GMT 00:19 2017 Wednesday ,13 December

Switzerland chainsaw attack: 5 hurt in Schaffhausen

GMT 09:51 2017 Tuesday ,07 November

Broadcom makes $130 bn mega-bid

GMT 20:53 2017 Tuesday ,07 March

Syrian forces retake Aleppo water-pumping station

GMT 11:15 2017 Monday ,01 May

Hanan Metawe reveals details of her accident

GMT 03:07 2017 Monday ,27 March

Bulgaria's Borisov bounces back again

GMT 22:18 2017 Thursday ,16 November

Hariri to arrive in France Saturday to meet Macron

GMT 06:43 2017 Monday ,13 February

Pakistan retaliates after US denies politician visa

GMT 07:49 2017 Tuesday ,28 November

Hussein Fahmy underlines financial sources
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday