The U.S. government fund established to compensate victims of Bernard Madoff’s infamous Ponzi scheme announced its tenth and final distribution on Monday, marking the end of a long effort to recover funds for those defrauded.

The Madoff Victim Fund, overseen by former U.S. Securities and Exchange Commission chairman Richard Breeden, will disburse a final $131.4 million to 23,408 claimants. This brings total payouts to $4.3 billion across 40,930 victims, effectively exhausting all available forfeited assets.

By the time the fund closes in 2025, individuals, schools, charities, and pension plans affected by Madoff’s fraud will have recovered an average of 93.71% of their verified losses.

In addition to the victim fund, Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC, has separately recouped $14.72 billion for direct customers since the firm’s 2008 bankruptcy. Combined, the efforts have returned approximately $19 billion to victims of the fraud, one of the largest financial scams in history.

Breeden emphasized that the victim fund also compensated individuals who lost money indirectly through so-called “feeder funds,” broadening the scope of recovery beyond direct investors. Claimants from 127 countries ultimately received payouts.

“Our goal was to ensure that no victim was overlooked, and that funds were distributed as fairly as possible,” Breeden said. “Nobody got left behind.”

Reflecting on the scheme’s scale, Breeden warned against complacency, calling Madoff’s actions an example of “complete depravity.” He urged investors to remain vigilant in safeguarding their assets.

The fund was largely created through settlements between the U.S. Department of Justice and JPMorgan Chase, Madoff’s former bank, as well as from assets recovered from the estate of Madoff investor Jeffry Picower.

Initially valued at $4.05 billion, the fund grew as the Justice Department seized additional assets linked to Madoff’s operation, which at its peak defrauded investors of an estimated $64.8 billion.

Madoff’s fraud unraveled in December 2008, when he confessed to his sons—one day after his firm’s end-of-year holiday party. He later pleaded guilty to 11 criminal charges and died in April 2021 at age 82 while serving a 150-year prison sentence.

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