11 Dec 2008
Turning point
FBI arrests Bernard Madoff
The FBI arrested Bernard Madoff on criminal securities fraud charges, according to the trustee's timeline.
Court case
How the Madoff Ponzi scheme case unfolded
Bernard Madoff was arrested in December 2008 after telling employees his investment advisory business was a Ponzi scheme. He pleaded guilty in 2009 and was sentenced to 150 years, and several former employees and his brother were later convicted or pleaded guilty. A court-appointed trustee has since recovered more than 15 billion dollars for customers, and a separate government fund paid about 4.3 billion dollars.
11 December 2008 to today · 29 dated events · 14 sources
Where it stands now · as of 1 November 2026
Madoff died in federal custody in 2021 and the criminal cases are closed. The trustee's liquidation continues, with about 15.509 billion dollars recovered and 14.799 billion dollars distributed from the customer fund as of 23 October 2026, while the Madoff Victim Fund made its final distribution in December 2024.
Next date
16 December 2026 Bankruptcy court hearing on the trustee's 52nd interim fee application
16 December 2026 Bankruptcy court hearing on the trustee's 52nd interim fee application
In 30 seconds: the turning points
Stage
1. Investigation
2. Charged
3. Plea
4. Sentence
5. Closed
Timeline of events
Overview · 11 Dec 2008 to 23 Oct 2026 · click a dot to jump
2008
11 Dec 2008
SEC files civil fraud charges
The SEC charged Madoff and Bernard L. Madoff Investment Securities LLC with securities fraud and sought an asset freeze and a receiver. Its complaint said Madoff had told two senior employees the advisory business was a fraud and estimated losses at least 50 billion dollars.
“basically, a giant Ponzi scheme”Bernard Madoff, as quoted in the SEC complaint, US Securities and Exchange Commission
15 Dec 2008
Irving Picard appointed trustee
The federal district court in Manhattan appointed Irving H. Picard as trustee to liquidate the firm under the Securities Investor Protection Act, with Baker and Hostetler as his counsel.
2009
12 Mar 2009
Turning point
Madoff pleads guilty to 11 counts
Madoff pleaded guilty to an 11-count information covering securities fraud, investment adviser fraud, mail and wire fraud, three counts of money laundering, false statements, perjury, false SEC filings and theft from an employee benefit plan. He was held in custody from that day.
29 Jun 2009
Turning point
Sentenced to 150 years
Judge Denny Chin sentenced Madoff to 150 years in prison and entered a forfeiture of 170.799 billion dollars, the US Attorney's Office said.
“While today's sentence is an important milestone, the investigation is continuing.”Lev Dassin, Acting US Attorney, US Attorney's Office for the Southern District of New York
2 Jul 2009
Deadline for customer claims
The period for filing customer claims with the trustee closed, according to the trustee's timeline.
11 Aug 2009
Frank DiPascali pleads guilty
Former Madoff employee Frank DiPascali Jr. pleaded guilty to 10 felony counts, including conspiracy, securities fraud and money laundering, before Judge Richard J. Sullivan, the FBI said. He faced up to 125 years.
31 Aug 2009
Turning point
SEC Inspector General reports on missed warnings
Inspector General H. David Kotz found the SEC received six substantive complaints raising red flags about Madoff from 1992 to 2008 and conducted three examinations and two investigations, but never verified his trading with an independent third party. He found no evidence of improper ties between SEC staff and Madoff.
“a thorough and competent investigation or examination was never performed”SEC Office of Inspector General, SEC Office of Inspector General
2010
1 Mar 2010
Bankruptcy court backs the net equity method
Bankruptcy Judge Burton R. Lifland upheld the trustee's net equity method, which measures customer claims by cash deposited less cash withdrawn, the trustee's timeline says.
2 Dec 2010
Trustee sues JPMorgan Chase
The trustee sued JPMorgan Chase seeking more than 6.5 billion dollars, according to his timeline.
17 Dec 2010
7.2 billion dollar settlement with an investor's estate
The trustee announced a 7.2 billion dollar settlement with the estate of one investor, with 5 billion dollars going to the customer fund and 2.2 billion dollars to the government as forfeiture.
2011
9 May 2011
Fairfield Sentry settlement
A settlement with the Fairfield Sentry feeder fund effectively increased future customer fund payments by nearly 1 billion dollars, the trustee said.
28 Jul 2011
Tremont Group settlement
A settlement with Tremont Group added 1.025 billion dollars to the customer fund, according to the trustee.
16 Aug 2011
Second Circuit upholds net equity
The Second Circuit upheld the trustee's net equity definition, the trustee's timeline says.
5 Oct 2011
Turning point
First distribution to customers
The first pro rata interim distribution began, paying about 4.6 percent of each allowed claim, the trustee said.
2012
25 Jun 2012
Supreme Court declines net equity challenges
The US Supreme Court denied petitions for certiorari, leaving the net equity rulings in place, according to the trustee.
19 Sep 2012
Second distribution
The second interim distribution began, paying about 33.5 percent of each allowed claim, according to the trustee's records.
20 Dec 2012
Peter Madoff sentenced to 10 years
Peter Madoff, Bernard Madoff's brother and the firm's former chief compliance officer, was sentenced by Judge Laura Taylor Swain to 10 years after pleading guilty in June 2012 to a two-count superseding information. He was ordered to forfeit 143.1 billion dollars.
· · · 14 months later
2014
4 Feb 2014
JPMorgan settlement approved
The bankruptcy court approved settlement agreements with JPMorgan Chase that added 275 million dollars to the customer fund, the trustee said.
24 Mar 2014
Turning point
Five former employees convicted
After a trial of more than five months before Judge Swain, a jury convicted Daniel Bonventre, Annette Bongiorno, JoAnn Crupi, Jerome O'Hara and George Perez on all 31 counts. Prosecutors said nine other defendants had already pleaded guilty.
Dec 2014
Former employees sentenced
Bonventre was sentenced to 10 years, Bongiorno and Crupi to six years each, and O'Hara and Perez to two and a half years each, the US Attorney's Office said.
· · · 48 months later
2018
11 Dec 2018
Ten years of recoveries
The trustee said recoveries had passed 13.3 billion dollars by the tenth anniversary of the arrest.
2019
6 Aug 2019
Kingate funds settlement
The court approved an 860 million dollar settlement with the Kingate Global Fund and Kingate Euro Fund, according to the trustee.
· · · 20 months later
2021
14 Apr 2021
Turning point
Madoff dies in federal custody
Madoff died at 82 at the Federal Medical Center in Butner, North Carolina, AP reported, citing his lawyer and the Bureau of Prisons.
· · · 45 months later
2024
30 Dec 2024
Turning point
Madoff Victim Fund makes final distribution
The Justice Department announced the 10th and final distribution of the government fund overseen by former SEC chairman Richard Breeden, more than 131.4 million dollars, bringing payouts to over 4.3 billion dollars for 40,930 victims in 127 countries. It said victims recovered 93.71 percent of their fraud losses. Reuters also reported the completion.
“Nobody got left behind.”Richard Breeden, special master of the Madoff Victim Fund, Reuters (via Insurance Journal)
2025
4 Jun 2025
Luxembourg funds agree to return 498.3 million dollars
The trustee reached a 498.3 million dollar agreement with Luxembourg Investment Fund and Luxembourg Investment Fund US Equity Plus, equal to all transfers the funds received from the Madoff firm, plus 15 percent of the proceeds of their lawsuit against UBS in Luxembourg, the trustee said.
2026
27 Feb 2026
Seventeenth distribution
The seventeenth interim distribution began, totalling more than 253 million dollars and about 1.302 percent of each allowed claim, after court approval on 21 January 2026.
9 Oct 2026
Recoveries pass 15.49 billion dollars
In his 52nd interim fee application, the trustee reported recoveries of over 15.494 billion dollars through 31 August 2026. A hearing was set for 16 December 2026.
23 Oct 2026
Latest trustee figures
The trustee's website reported about 15.509 billion dollars recovered and about 14.799 billion dollars distributed from the customer fund as of 23 October 2026, with SIPC having committed about 850.9 million dollars in advances. A separate trustee statement put distributions at about 15.377 billion dollars through 31 August 2026, a figure that includes the SIPC advances.
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Sources
14 records, ranked by type- 1Official record11 Dec 2008SEC Charges Bernard L. Madoff for Multi-Billion Dollar Ponzi Scheme (Press Release 2008-293)US Securities and Exchange Commission · sec.gov
- 2Government document2026TimelineMadoff Recovery Initiative, SIPA Trustee Irving H. Picard · madofftrustee.com
- 3Government document23 Oct 2026Madoff Recovery Initiative home page (recovery and distribution figures as of 23 October 2026)Madoff Recovery Initiative, SIPA Trustee Irving H. Picard · madofftrustee.com
- 4Government document9 Oct 2026News and statementsMadoff Recovery Initiative, SIPA Trustee Irving H. Picard · madofftrustee.com
- 5Government document29 Jun 2009Bernard L. Madoff sentenced to 150 years in prisonUS Attorney's Office for the Southern District of New York · justice.gov
- 6Government document11 Aug 2009Former employee at Bernard L. Madoff Investment Securities LLC pleads guilty to 10-count criminal informationFBI New York Field Office · fbi.gov
- 7Government document31 Aug 2009Investigation of Failure of the SEC to Uncover Bernard Madoff's Ponzi Scheme, Report No. OIG-509 (public version)SEC Office of Inspector General · sec.gov
- 8Government document31 Aug 2009Report No. OIG-509, executive summarySEC Office of Inspector General · sec.gov
- 9Government document24 Mar 2014Five former employees of Bernard L. Madoff Investment Securities found guilty in Manhattan federal courtUS Attorney's Office for the Southern District of New York · justice.gov
- 10Government document15 Dec 2014Four employees of Bernard L. Madoff's fraudulent investment advisory business sentencedUS Attorney's Office for the Southern District of New York · justice.gov
- 11Government document20 Dec 2012Peter Madoff sentenced to 10 years in prisonUS Attorney's Office for the Southern District of New York · justice.gov
- 12News report14 Apr 2021Ponzi schemer Bernie Madoff dies in prison at 82Associated Press (via The Columbian) · columbian.com
- 13News report2 Jan 2025Bernard Madoff's victims collect $4.3B as US government fund completes payoutsReuters (via Insurance Journal) · insurancejournal.com
- 14Government document30 Dec 2024Justice Department's 10th distribution brings total provided to over $4.3B in nearly full recovery to over 40,000 victims in Madoff Ponzi schemeUS Department of Justice, Office of Public Affairs · justice.gov
Last updated 1 November 2026. Spotted an error? See corrections. Every event links to the record it comes from. Allegations are attributed to whoever made them.