Latest news with #MadoffVictimFund
Malay Mail
5 days ago
- Business
- Malay Mail
Bernie Madoff customers set to recoup US$498m, total payouts now top US$15b
NEW YORK, June 5 — Former customers of the late Ponzi schemer Bernard Madoff will recoup US$498.3 million (RM2.1 billion) under a settlement on Wednesday with the liquidators of two Luxembourg funds, boosting their recovery to about US$15.26 billion. The Luxembourg Investment Fund and Luxembourg Investment Fund US Equity Plus had invested exclusively with Bernard L. Madoff Investment Securities for three years before Madoff's firm collapsed in December 2008. Irving Picard, the trustee liquidating Madoff's firm, said the US$498.3 million represents all transfers that the Luxembourg funds received from the firm. The funds will also give the Madoff firm's bankruptcy estate 15 per cent of proceeds from their lawsuit in Luxembourg against the Swiss bank UBS. They are expected to receive US$45.1 million on their own claim against the estate. The funds did not admit wrongdoing. Court approval is required, and a June 25 hearing has been scheduled. A lawyer for the Luxembourg funds did not immediately respond to requests for comment. Prior to Wednesday's settlement, Picard recovered US$14.76 billion for Madoff customers, whose losses he has estimated at US$17.5 billion. Payouts go to 2,656 customers whose claims he deemed valid. The payouts are separate from the US$4.3 billion awarded by the US government-created Madoff Victim Fund to 40,930 individuals, schools, charities and pension plans. These recipients included customers, and victims who lost money indirectly through Madoff, including in 'feeder funds.' Madoff concealed his fraud for decades before confessing to his sons one day after his firm's 2008 Christmas party. He pleaded guilty to 11 criminal charges and was sentenced to 150 years in prison, with the sentencing judge calling Madoff's crimes 'extraordinarily evil.' Madoff died in prison at age 82 in April 2021. — Reuters
Reuters
6 days ago
- Business
- Reuters
Bernie Madoff customers to recoup $498 million, payout tops $15 billion
NEW YORK, June 4 (Reuters) - Former customers of the late Ponzi schemer Bernard Madoff will recoup $498.3 million under a settlement on Wednesday with the liquidators of two Luxembourg funds, boosting their recovery to about $15.26 billion. The Luxembourg Investment Fund and Luxembourg Investment Fund U.S. Equity Plus had invested exclusively with Bernard L. Madoff Investment Securities for three years before Madoff's firm collapsed in December 2008. Irving Picard, the trustee liquidating Madoff's firm, said the $498.3 million represents all transfers that the Luxembourg funds received from the firm. The funds will also give the Madoff firm's bankruptcy estate 15% of proceeds from their lawsuit in Luxembourg against the Swiss bank UBS (UBSG.S), opens new tab. They are expected to receive $45.1 million on their own claim against the estate. The funds did not admit wrongdoing. Court approval is required, and a June 25 hearing has been scheduled. A lawyer for the Luxembourg funds did not immediately respond to requests for comment. Prior to Wednesday's settlement, Picard recovered, opens new tab $14.76 billion for Madoff customers, whose losses he has estimated at $17.5 billion. Payouts go to 2,656 customers whose claims he deemed valid. The payouts are separate from the $4.3 billion awarded by the U.S. government-created Madoff Victim Fund, opens new tab to 40,930 individuals, schools, charities and pension plans. These recipients included customers, and victims who lost money indirectly through Madoff, including in "feeder funds." Madoff concealed his fraud for decades before confessing to his sons one day after his firm's 2008 Christmas party. He pleaded guilty to 11 criminal charges and was sentenced to 150 years in prison, with the sentencing judge calling Madoff's crimes "extraordinarily evil." Madoff died in prison at age 82 in April 2021.
Yahoo
05-04-2025
- Business
- Yahoo
Kevin Bacon says it 'sucked' to lose money in Bernie Madoff's Ponzi scheme
Kevin Bacon discussed losing money in former financier Bernie Madoff's Ponzi scheme. Bacon told Esquire that he and his wife, Kyra Sedgwick, were "certainly angry" over the ordeal. The FBI called Madoff's operation "history's biggest Ponzi scheme." Actor Kevin Bacon says he isn't jaded after losing money in former financier Bernie Madoff's Ponzi scheme, but it still stings all these years later. Bacon discussed the incident during a recent interview with Esquire, nearly two decades after Madoff's criminal operation crumbled. Madoff, founder of an eponymous Wall Street firm, received a 150-year prison sentence in 2009 for leading "history's largest Ponzi scheme," according to the FBI. Authorities arrested Madoff in December 2008 for securities fraud amounting to $64 billion. In 2021, Madoff died in federal prison at age 82. Bacon and his wife, Kyra Sedgwick, were among those Madoff defrauded. It's unclear how much money the couple lost, but Bacon told the "SmartLess" podcast in 2022 that they kept "most" of their money with Madoff. During his interview with Esquire, Bacon said the memory of Madoff still lingers nearly two decades later. "I go to this gym. It has a few machines and only a handful of people there at any given time. There's no showers, it's very bare bones. But there's a leg press machine. A leg press can be brutal. You're on your back, and you're going like this," Bacon said. "The machine is right next to a window, and when I look out that window, I'm looking right at the building where Madoff was." Bacon said the view of Madoff's old building is motivational. "I'm in excruciating pain, doing the leg press, staring out that window. It's perfect, in a funny way, because I also have to think, 'I can get through this.' And that's how we felt about Madoff," Bacon said. "It sucked, and we were certainly angry and all the things. But then we woke up the next day and said, 'What do we got? We love each other. We love our children. We're healthy. No one took away our ability to make a living.' So we got back to work." Those affected by the Ponzi scheme have received compensation through the Madoff Victim Fund. In December 2024, the Justice Department said the Madoff Victim Fund had paid $131.4 million, a fraction of what was lost, to about 23,400 victims. Representatives for Kevin Bacon did not immediately respond to Business Insider. Read the original article on Business Insider
