Bernie Madoff Victims to Receive $504 Million From Fund

The Justice Department announced Thursday that the Madoff Victim Fund will distribute $504 million to victims of Bernie Madoff's Ponzi scheme. "These funds will be sent to over 21,000 victims across the globe," the DOJ said in a press release. "This distribution represents the second in a series of payments that will eventually return over $4 billion to victims as compensation for losses they suffered." The Victim Fund has received “65,000 petitions” for compensation from 136 countries. “Through the use of asset forfeiture, the Department of Justice has recovered over $4 billion of Mr. Madoff’s fraud, and we continue to work to compensate those he defrauded,” Attorney General Jeff Sessions said in a statement. “We cannot undo the damage that Bernie Madoff has done, but today’s distribution will provide significant relief to many of the victims of one of the worst frauds of all time.” In March 2009, Madoff pleaded guilty to 11 federal felonies and to running the “world’s largest Ponzi scheme.” He was sentenced to 150 years in prison and ordered to forfeit $170.799 billion in June 2009.