Thousands of investors who lost millions in the Bernard L. Madoff Investment Securities LLC Ponzi scheme can now file claims for compensation, Manhattan U.S. Attorney Preet Bharara announced today.
The $2.35 billion Madoff Victim Fund, overseen by Special Master Richard Breeden, has been established to distribute the funds to victims who invested directly in Madoff Securities, as well as those who invested through feeder funds, investment groups, and other pooled investment vehicles.
For the first time since Madoff Securities collapsed in December 2008, victims who invested through these types of vehicles will be eligible to recover for their losses alongside direct investors in Madoff Securities.
The eligibility criteria announced today by the Madoff Victim Fund includes anyone who lost their own funds that were invested in Madoff Securities at the time of its collapse, and who can document their net loss.
Victim claims must be received by the Madoff Victim Fund no later than February 28, 2014. Information about the fund, including detailed eligibility criteria and instructions for filing a claim, can be found on its website at www.madoffvictimfund.com.
Manhattan U.S. Attorney Bharara praised the work of the FBI and the IRS in connection with collecting the funds to be distributed, and thanked the Asset Forfeiture and Money Laundering Section of the Department of Justice for its assistance in the remission proceedings.
The case was brought in coordination with President Barack Obama’s Financial Fraud Enforcement Task Force, on which Mr. Bharara serves as a Co-Chair of the Securities and Commodities Fraud Working Group.
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Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
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