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Updated November 23, 2015: Where can I find information on the claims process and distributions of funds that were forfeited to the U.S. government in connection with the Madoff fraud?

Determination of claims and distribution of funds from the Madoff Victim Fund (MVF) will be done under the supervision of Richard C. Breeden, who was appointed Special Master of the MVF by the Department of Justice. The MVF consists of approximately $4 billion gathered to date through various criminal and civil forfeiture actions brought by the United States Attorney's Office for the Southern District of New York.

For further information regarding the Madoff Victim Fund, Special Master Richard C. Breeden, and forfeitures to the U.S. Department of Justice in the Madoff Ponzi scheme criminal cases, please contact:

Madoff Victim Fund
P.O. Box 6310
Syracuse, New York 13217
(866) 624-3670 

The Special Master's customer service team can be reached Monday through Friday from 8:30 am to 5:00 pm EST.


Updated November 23, 2015: Why can’t all of the recovered funds be distributed now?

The primary reason why significant funds are not available for distribution at this time is required reserves.

Required Customer Fund Reserves for Deemed Determined Claims

First, while the number of allowed claims is – to date – 2,573 and the dollar amount of allowed claims to date is approximately $14.870 billion, both the number of allowed claims and the dollar amount will increase. There remain 100 claims which have been "deemed determined" by the SIPA Trustee; however, the final status of each claim remains contingent on the outcome of its respective litigation. If a “deemed determined” claim becomes allowed, it would become eligible for all pro rata distributions to date, currently totaling up to 48.802 percent of the amount of the allowed claim. For this potential scenario, the SIPA Trustee has, to date, reserved approximately $1.706 billion. 

Other Customer Fund Required Reserves

As of November 23, 2015, approximately $266.2 million must be reserved in the Customer Fund for certain deferred payments, unallocated funds and other matters related to the liquidation.

Amount Unavailable to the Customer Fund Due to Required Reserves and Appeals

Portions of recoveries and settlement agreements have not yet been collected, due to appeals, the timing of payments of certain settlement monies and other issues. Therefore, these funds cannot be either allocated to the Customer Fund or distributed to BLMIS customers with allowed claims until these issues are resolved. As of November 23, 2015, approximately $234.8 million relating to settlement reserves and other matters must be held in reserve.