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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