Bernie Madoff is dead, but what happened to all the money?

Bernie Madoff, the man behind the largest Ponzi scheme in historical past, died right this moment, but you’ve to marvel how many individuals are celebrating that.

He swindled tens of thousands of victims out of billions of {dollars}. In 2009, Madoff pleaded responsible and was sentenced to 150 years in jail.

The query now is what happened to all that cash. It’s extra sophisticated than it sounds and requires greater than only one question. Right here’s the breakdown:

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Backside line. The place are the bucks?

For starters, shut to $3.2 billion is again in the fingers of these he stole from. In accordance to the U.S. Division of Justice, the Madoff Sufferer Fund made its sixth distribution of funds in December. That cash had been forfeited to the federal authorities, and now shut to 37,000 folks have their bucks again. In case you’re doing math with these large figures, know that victims have now recovered about 80.05% of what they’re getting by this fund, in accordance to the DOJ.

What’s the finish recreation?

They’re taking a look at a complete of greater than $4 billion, in accordance to the DOJ, including that the Madoff Sufferer Fund has fielded 65,000-plus sufferer petitions from 136 international locations.

Was paying again cash a part of Madoff’s sentence?

Sure. When sentenced for 11 felony counts, Madoff was ordered to forfeit slightly below $170.8 billion, which the U.S. Lawyer’s Workplace for the Southern District of New York mentioned “represents the complete proceeds of and property concerned in sure of Madoff’s crimes.”