Click here for PDF Edition

2018-04-20 digital edition

ABOUT US   |   ADVERTISE   |   DEADLINES   |   PR INFO   |   SUBMIT   |   DELIVERY   |   CONTACT US  |  FEEDBACK
TODAY in the Jewish World:

Click on logo for link:



Click on logo for link:

The Jewish Press of Tampa and the Jewish Press of Pinellas County are Independently- owned biweekly Jewish community newspapers published in cooperation with and supported by the Tampa JCC & Federation and the Jewish Federation of Pinellas & Pasco Counties, respectively. Copyright © 2009-2018 The Jewish Press Group of Tampa Bay, Inc., All Rights Reserved.


 

April 20, 2018  RSS feed
World News

Text: T T T

Madoff victims to receive $504m in second payout

(JTA) – The Madoff Victim Fund began distributing $504 million in funds to victims of Bernard Madoff’s Ponzi scheme.

The funds, whose distribution began on a week ago, will be sent to more than 21,000 Madoff victims around the world, according to a statement by the Justice Department.

The distribution is the second in a series of payments that will eventually return more than $4 billion to Madoff victims.

“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,” Attorney General Jeff Sessions said in the statement.

Madoff, a Jewish New Yorker, used his position as the chairman of his investment securities company to swindle billions of dollars from tens of thousands of investors from the early 1970s until his arrest in 2008.

The uncovering of the Ponzi scheme revealed the tens of billions of dollars in fake profit that victims believed they had earned through Madoff. Many prominent Jewish nonprofits also suffered big losses, with Yeshiva University taking a $140 million hit, Hadassah $90 million and Elie Wiesel’s foundation losing $15 million.

In 2009, Madoff pleaded guilty to 11 federal felonies and is serving a 150-year sentence in a federal prison in North Carolina. He was also ordered to forfeit nearly $171 billion.


Post new comment

The content of this field is kept private and will not be shown publicly.
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Click ads below for larger version