against Bernard L. Madoff, Peter B. Madoff, and their co-conspirators”
The collapse of the world’s largest fraud scheme “devastated thousands of lives,” said Nicole Argentieri, acting assistant attorney general of the DOJ’s criminal division, in a press release. With its latest distribution, the fund has paid out over $4.2 billion to more than 40,800 victims who lost money from the scheme, the DOJ said. The Madoff Victim Fund has now helped recover “over 90% of victim losses,” Argentieri said. The victims of Madoff’s decadeslong fraud included major celebrities and financial institutions. But they also included charities and pension funds that invested money for people “working paycheck-to-paycheck who were relying on their pension accounts for their retirements,” noted U.S. Attorney Damian Williams. Madoff in March 2009 admitted stealing billions of dollars from his clients by running his investment advisory business, Bernard L. Madoff Investment Securities LLC, as a giant Ponzi scheme. He pleaded guilty to 11 federal felonies and was sentenced to 150 years in prison. The victims fund has collected about $2.2 billion through a civil forfeiture recovery from the estate of Jeffrey Picower, the late Madoff investor and top beneficiary of the scheme. An additional $1.7 billion came in 2014 from JPMorgan Chase, the bank Madoff used to run his Ponzi scheme, as part of a deferred prosecution agreement with the DOJ. The rest came from “a civil forfeiture action against investor Carl Shapiro and his family, and from civil and criminal forfeiture actions… against Bernard L. Madoff, Peter B. Madoff, and their co-conspirators”. Beware of cryptocurrency scams, as they can have devastating consequences for victims. The Internal Revenue Service (IRS) has issued a warning against pig butchering and other forms of cryptocurrency scams, as they continue to be a major problem for many individuals. In fact, the Federal Trade Commission (FTC) reported that over $80 million was lost to cryptocurrency scams in just six months in 2020. This is a significant increase from the previous year, where only $14 million was reported lost to these types of scams. It’s important to be aware of these scams and protect yourself from falling victim to them. Federal authorities are taking action against fraudulent investment schemes, as they continue to target vulnerable citizens. The Securities and Exchange Commission (SEC) has been cracking down on illegal online loans and investment scams, with over 2,200 cases being investigated in 2023 alone. These scams often promise high returns and use false information to lure in unsuspecting victims. It’s important to do thorough research and be cautious before investing in any opportunity. In a recent case, a Texas cattle company is being investigated for an alleged $191 million fraud scheme. The company promised investors high returns on their investments in cattle, but instead, the money was used to pay off existing investors and fund the lavish lifestyles of the company’s owners. This serves as a reminder to always be cautious and do your due diligence before investing in any opportunity. Immediate Multiplex is a trading platform that has been gaining attention recently, but it’s important to do thorough research before investing any money. There have been reports of the platform being a scam and many users have lost money. It’s important to be cautious and only invest in legitimate and reputable trading platforms. Don’t fall victim to investment hoaxes and always be aware of potential scams.