On November 18, US federal authorities announced that the largest category of victims in the vast Ponzi scheme run by Bernard L. Madoff –those who lost cash trough accounts with various middleman funds – can benefit from a $ 2.35 billion fund to compensate for their losses. The Madoff Victim Fund, overseen by Special Master Richard Breeden, a former Securities and Exchange Commission chairman, is now accepting proof of claim forms until February 28 2014: anyone who withdrew less from their Madoff-related account than they paid in will be eligible to recover from the Fund. Mr. Bharara, the United States Attorney in Manhattan, stressed the process the US have put in place has opened the door for thousands of defrauded victims who otherwise might never have recovered anything.
Date: 5th October 2016
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Type: In the news