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U.S. begins $4.05 billion Madoff fund payout, thousands to recoup losses

Reuters  |  NEW YORK 

By Jonathan StempelNEW YORK (Reuters) - The U.S. government said it has begun distributing $772.5 million from a $4.05 billion fund to compensate victims of Bernard Madoff's Ponzi scheme, ending a nearly nine-year wait for thousands of people to start recouping their losses.A total of 24,631 checks from the Madoff Victim Fund are being mailed to individuals, government entities, schools, charities, and pension and retirement plans in 49 U.S. states, Washington, D.C., and 119 other countries. More than two-thirds of the recipients, or 16,557, had received no prior compensation for their ...

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First Published: Fri, November 10 2017. 04:11 IST