Madoff victims can still get their cash back

Madoff victims can still get their cash back

Madoff victims can still get their cash back

According to the MVP, more than 90 per cent of claims have been received from individuals who never filed bankruptcy or who had their claim denied by an “indirect” investor; while more than 70 per cent have come from individuals yet to recover anything from their losses.

“This is a tragic statistic, reflecting an enormous gulf between a few investors who have already recovered all their losses, and a much larger group who have not recovered much if anything,” wrote Bharara. “MVF will use its significant resources to help all victims of these vile crimes.”

Meanwhile, a former aid of Madoff, Daniel Bonventre – who worked at Madoff Investment Securities LLC for 40 years, most recently as director of operations – denied in a

Manhattan federal court that he was aware of the fraud, while testifying at his own trial on Thursday. Bonventre, 67, claims he only learned about the scheme when Madoff was arrested.

Bonventre is one of five accused of helping Madoff conceal his fraud by using false documents and fake trades. All of the accused have denied they were aware of the scheme, which cost investors an estimated $17 billion in principal losses.

In March 2009, Madoff, 75, plead guilty and is currently serving a 150-year prison sentence

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