The U.S. government expects this year to begin payouts from a $4 billion fund for Bernard Madoff’s victims, ending their nearly nine-year wait to begin recouping losses from his Ponzi scheme, Reuters reported. In a letter made public yesterday, the U.S. Department of Justice said that it “recently notified victims whose petitions have been approved and is poised to issue initial distributions from the Assets Forfeiture Fund by the end of 2017.” The undated letter by Assistant Attorney General Stephen Boyd was addressed to Florida Congressman Vern Buchanan, who had complained to the Justice Department about payout delays. Payouts from the government fund are expected to go to 35,508 Madoff victims whose total losses exceeded $6.5 billion. Nearly all had invested indirectly with Madoff, such as through “feeder funds,” and roughly three-quarters have received nothing since the Ponzi scheme was uncovered in December 2008.
