Officials say the number of victims seeking relief for fraud committed by Madoff Securities is much larger — and with much larger losses — than previously thought.
The U.S. Department of Justice official in charge of administering the Madoff Victim Fund said Tuesday that it has received more than 51,700 claims from investors. There were claims from investors in 119 countries with losses of more than $40 billion.
These haven’t been reviewed to eliminate ineligible claims, but the flood of requests gives a new indication of the size and global reach of the Madoff fraud. The fund plans to distribute just over $4 billion assets forfeited in the Madoff case.
Bernie Madoff is serving a 150-year prison sentence for bilking thousands of people of nearly $20 billion.
(AP)
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One Response
The math does not work:
The claims are 40 billion.
He stole 20 billion.
There is only 4 billion to pay off investors.
That means 16 billion is either spent, disappeared or over claimed.
16 billion is quite a bit for a person to spend.
Wonder if people didn’t inflate their losings??