Married to Madoff

Victims of a fraud that regulators missed decades ago are finally getting most of their money back

“It's virtually impossible to violate the rules.” – Bernie Madoff

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It’s a Hanukah miracle!

Sixteen years after Bernie Madoff plead guilty to running history’s largest Ponzi scheme, nearly 41,000 victims have received 94% of their money back. That’s according to the U.S. Justice Department, which on Monday announced a 10th and final distribution to the con man’s long-suffering marks.

The department said its Madoff Victim Fund has returned more than $4.3 billion, mostly to investors suffering losses of less than $500,000.

Madoff’s Ponzi scheme was estimated to be a $65 billion fraud when it imploded during the 2008 financial crisis. But that figure was wildly inflated with made-up investment gains that Madoff investors believed they were getting.

Here’s to Uncle Bernie. (Illustration: AI generated.)

Dialing for dollars

For years, regulators have been clawing back profits from Madoff investors who got out early with big gains. Of the $4.3 billion recovered:

• $2.2 billion came from the estate of Madoff investor Jeffry Picower, found at the bottom of his Palm Beach, Fla. swimming pool after the fraud was uncovered.

• $1.7 billion came from a deferred prosecution agreement with JPMorgan Chase Bank, alleged to have aided the fraud.

• More funds came from Boston investor Carl Shapiro and his family.

• Additional funds also came from civil and criminal forfeiture actions against Madoff, his brother Peter Madoff, and their co-conspirators.

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