The liquidator of Bernie Madoff‘s defunct and fraudulent investment firm announced a new distribution of recovered funds to swindled customers on Friday.
This is the 14th distribution to Madoff’s Ponzi scheme victims, bringing the total amount restored to more than $14 billion.
Since Madoff pleaded guilty in 2009, the trustee has been pursuing stolen customer funds and has indicated that additional recoveries will be made in 2023.
“We are proud to continue our quest to recover additional funds and return them to defrauded claimants,” the trustee, Irving Picard, expressed in a statement.
The fourteenth distribution, when combined with the previous distributions, will equal approximately 70% of each customer’s allowed claim amount unless that claim has been fully satisfied.
The total amount distributed to eligible customers will exceed $14.36 billion. In terms of dollars and percentage of stolen funds recovered, this recovery far outnumbers any previous restitution effort related to Ponzi schemes.
Madoff died of natural causes in April 2021 at the Federal Medical Center in Butner, North Carolina. He was 82.
