Payback: Most Bernie Madoff Ponzi Scheme Victims to Get $1M

Payback: Most Bernie Madoff Ponzi Scheme Victims to Get $1M

Almost seven years after the collapse of the largest Ponzi scheme in U.S. history, many victims who lost big in Bernard Madoff’s crooked plot will be getting a handsome paycheck, officials said today.

Stephen Harbeck, President and CEO of the Securities Investors Protection Corporation, told ABC News that anyone who invested up to $1,161,000 will “be made completely whole” in the latest round of distribution payments, per a new motion filed in a New York bankruptcy court today. Harbeck said that will affect a majority of the people who had valid claims to being a Madoff victim.

For those who invested more, Harbeck said they could get back at least 61 cents on the dollar for their investments if their claim has been approved.
“Coming out of a Ponzi scheme with 61 percent of what you started out with is a major victory,” Harbeck said.