Madoff Victims Receive $158 Million Boost in Restitution

The Department of Justice has announced that nearly 25,000 victims of Bernie Madoff's Ponzi scheme will receive an additional $158.9 million in restitution, bringing their total recoveries to 91% of their lost money. The Madoff Victim Fund has already distributed over $4.22 billion to 40,843 victims, compensating them for their losses. Madoff, the former chairman of NASDAQ, was arrested in 2008 for defrauding investors out of $64 billion and was sentenced to 150 years in prison. He died in 2021.