After being duped by the major Ponzi scheme conducted by Bernard Madoff, victims are starting to learn how much money they will be able to recover.
People who invested up to a little over $1.1 million with Madoff will be able to have their entire investment recovered. Meanwhile, those who invested more money should be able have at least 61% of their investment recovered.
President and CEO of the Securities Investment Protection Corporation Stephen Harbeck promised that any individuals who invested up to $1,161,000 with the criminal will have their entire investment fully recovered.
As for those who invested more money, Harbeck insists that they are lucky to be recovering at least 61% of their original investment.
Harbeck said, “Coming out of Ponzi scheme with 61 percent of what you start out with is a major victory.”
The Securities Investment Protection Corporation is an organization that is responsible for recovering money for investors that have been defrauded.
The Ponzi scheme that was conducted by Madoff fell apart in 2008. Bernard Madoff is now serving a 150 year prison sentence for stealing money from thousands of investors worldwide. He will most certainly die in prison.
Bernard Madoff was at one point the non-executive chairman of the NASDAQ stock market. His Ponzi scheme is considered to be the largest financial fraud in the history of the United States.
In March of 2009, Madoff pleaded guilty to eleven federal felonies for running his massive Ponzi scheme. Madoff says that his actions of fraud began in the early 1990s, but some evidence suggests that it may have initiated in the 70s or 80s. Estimates show that investors lost over $18 billion with Madoff.
His 150 year prison sentence was the maximum sentence allowable by the court. Madoff is currently serving his sentence at the Federal Correctional Institution Butner Medium in North Carolina. He has been quoted as saying that he is treated like a “Mafia Don”, and he regularly receives support from both inmates and prison staff.