U.S. announces distribution of $372 mln to victims of Madoff scheme -statement

The U.S. Justice Department on Wednesday announced the distribution of $372 million to victims of Bernie Madoff's ponzi scheme, putting total recoveries above $4 billion, the agency said in a statement. Madoff died at age 82 last year in federal prison, where he was serving a 150-year sentence.

The U.S. Justice Department on Wednesday announced the distribution of $372 million to victims of Bernie Madoff's ponzi scheme, putting total recoveries above $4 billion, the agency said in a statement.

Madoff died at age 82 last year in federal prison, where he was serving a 150-year sentence. His massive scheme, estimated as high as $64.8 billion, went undiscovered for years and ensnared thousands of victims, including charities, hedge funds, celebrities and pension funds.

Another $14.5 billion has been recouped for victims of the former Bernard L. Madoff Investment Securities LLC by a court-appointed trustee liquidating that firm in bankruptcy. (Reporting By Paul Grant Editing by Rami Ayyub)

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