https://howitunfolded.com/court-cases/madoff-ponzi-scheme/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.enhttps://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e28madoff-ponzi-scheme-9864f55da2Fri, 23 Oct 2026 12:00:00 +0000The 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.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e27madoff-ponzi-scheme-627129e32aFri, 09 Oct 2026 12:00:00 +0000In 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.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e26madoff-ponzi-scheme-a4040ecae4Fri, 27 Feb 2026 12:00:00 +0000The 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.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e25madoff-ponzi-scheme-26a6718deeWed, 04 Jun 2025 12:00:00 +0000The 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.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e24madoff-ponzi-scheme-64c609fb3eMon, 30 Dec 2024 12:00:00 +0000The 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.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e23madoff-ponzi-scheme-4e8152455aWed, 14 Apr 2021 12:00:00 +0000Madoff died at 82 at the Federal Medical Center in Butner, North Carolina, AP reported, citing his lawyer and the Bureau of Prisons.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e22madoff-ponzi-scheme-6db388cc88Tue, 06 Aug 2019 12:00:00 +0000The court approved an 860 million dollar settlement with the Kingate Global Fund and Kingate Euro Fund, according to the trustee.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e21madoff-ponzi-scheme-4aa9235651Tue, 11 Dec 2018 12:00:00 +0000The trustee said recoveries had passed 13.3 billion dollars by the tenth anniversary of the arrest.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e20madoff-ponzi-scheme-b9f5ba3fa4Mon, 01 Dec 2014 12:00:00 +0000Bonventre 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.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e19madoff-ponzi-scheme-fda9eda5e6Mon, 24 Mar 2014 12:00:00 +0000After 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.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e18madoff-ponzi-scheme-8385fa68f4Tue, 04 Feb 2014 12:00:00 +0000The bankruptcy court approved settlement agreements with JPMorgan Chase that added 275 million dollars to the customer fund, the trustee said.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e17madoff-ponzi-scheme-8cf78cd292Thu, 20 Dec 2012 12:00:00 +0000Peter 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.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e16madoff-ponzi-scheme-ef5defa871Wed, 19 Sep 2012 12:00:00 +0000The second interim distribution began, paying about 33.5 percent of each allowed claim, according to the trustee's records.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e15madoff-ponzi-scheme-271fe26543Mon, 25 Jun 2012 12:00:00 +0000The US Supreme Court denied petitions for certiorari, leaving the net equity rulings in place, according to the trustee.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e14madoff-ponzi-scheme-79d2fa3034Wed, 05 Oct 2011 12:00:00 +0000The first pro rata interim distribution began, paying about 4.6 percent of each allowed claim, the trustee said.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e13madoff-ponzi-scheme-70fba8ee1cTue, 16 Aug 2011 12:00:00 +0000The Second Circuit upheld the trustee's net equity definition, the trustee's timeline says.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e12madoff-ponzi-scheme-7d52f14e1fThu, 28 Jul 2011 12:00:00 +0000A settlement with Tremont Group added 1.025 billion dollars to the customer fund, according to the trustee.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e11madoff-ponzi-scheme-bfff034b56Mon, 09 May 2011 12:00:00 +0000A settlement with the Fairfield Sentry feeder fund effectively increased future customer fund payments by nearly 1 billion dollars, the trustee said.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e10madoff-ponzi-scheme-858c10a20aFri, 17 Dec 2010 12:00:00 +0000The 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.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e9madoff-ponzi-scheme-00b563e7f7Thu, 02 Dec 2010 12:00:00 +0000The trustee sued JPMorgan Chase seeking more than 6.5 billion dollars, according to his timeline.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e8madoff-ponzi-scheme-a1f374d8cfMon, 01 Mar 2010 12:00:00 +0000Bankruptcy 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.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e7madoff-ponzi-scheme-7ce420e636Mon, 31 Aug 2009 12:00:00 +0000Inspector 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.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e6madoff-ponzi-scheme-58dac1f909Tue, 11 Aug 2009 12:00:00 +0000Former 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.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e5madoff-ponzi-scheme-49341f5752Thu, 02 Jul 2009 12:00:00 +0000The period for filing customer claims with the trustee closed, according to the trustee's timeline.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e4madoff-ponzi-scheme-eb76b6fb34Mon, 29 Jun 2009 12:00:00 +0000Judge Denny Chin sentenced Madoff to 150 years in prison and entered a forfeiture of 170.799 billion dollars, the US Attorney's Office said.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e3madoff-ponzi-scheme-493b1a62dfThu, 12 Mar 2009 12:00:00 +0000Madoff 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.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e2madoff-ponzi-scheme-48a3e1839aMon, 15 Dec 2008 12:00:00 +0000The 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.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e0madoff-ponzi-scheme-cf42aa0f71Thu, 11 Dec 2008 12:00:00 +0000The FBI arrested Bernard Madoff on criminal securities fraud charges, according to the trustee's timeline.https://howitunfolded.com/court-cases/madoff-ponzi-scheme/#e1madoff-ponzi-scheme-c03f6f1497Thu, 11 Dec 2008 12:00:00 +0000The 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.