AssetID: 54408320
Headline: UNCAPTIONED: Madoff Victim Fund Nears Completion with $4.3 Billion Recovered
Caption: Madoff Victim Fund Nears Completion with $4.3 Billion Recovered. The U.S. government’s Madoff Victim Fund (MVF) is making its final round of payments to compensate victims of Bernard Madoff's notorious Ponzi scheme. The latest $131.4 million payout brings total restitution to $4.3 billion for over 40,000 claimants. Madoff, who orchestrated one of the largest financial frauds in history, died in prison in 2021 while serving a 150-year sentence. Richard C. Breeden, head of the MVF and former SEC chairman, described the effort as a response to one of the "most monstrous financial crimes ever committed”. Victims range from wealthy individuals to schools, charities, and pension funds. The fund expects to recover 94% of verified losses by its completion in 2025 marking a historic recovery effort for financial crime victims. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,U.S. Government,Bernard Madoff,Ponzi scheme,victims,MVF,final round,government,payments,compensate,notorious,scheme,millions,billions,restitution,died in prison,sentenced,150 years,claiments,wealthy,schools,charities,pension funds,most notorious financial crimes ever committed
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