Is this taxpayers money? Bernie Mandoff scam

[Penelope]

A separate $4 billion fund set up by the U.S. Department of Justice will also compensate Madoff victims, including people who invested with him through third parties.

Richard Breeden, the former U.S. Securities and Exchange Commission chairman overseeing that fund, last month said he was on track to make a "large initial distribution" in 2017. Claims are subject to Justice Department review.

Madoff victims' recovery tops $9.7 billion with new payout

So is this 4 billion fund, where did this come from??

 

[Toddsterpatriot]

A separate $4 billion fund set up by the U.S. Department of Justice will also compensate Madoff victims, including people who invested with him through third parties.

Richard Breeden, the former U.S. Securities and Exchange Commission chairman overseeing that fund, last month said he was on track to make a "large initial distribution" in 2017. Claims are subject to Justice Department review.

Madoff victims' recovery tops $9.7 billion with new payout

So is this 4 billion fund, where did this come from??

In one suit he claimed that Jeffrey Picower, a sophisticated investor who withdrew more than $7.2 billion, should have known it was a fraud. Picower had a heart attack and was found at the bottom of his swimming pool in 2009. The following year, his widow, Barbara Picower, agreed in a settlement to hand over the whole $7.2 billion, saying she hoped it would ease the “tragic impact” the fraud had had on victims.

Picard’s fund got $5 billion, and $2.2 billion went to a fund overseen by U.S. Attorney Preet Bharara in Manhattan, who had prosecuted Madoff. Bharara later added $1.7 billion that JP Morgan Chase & Co. paid to avoid prosecution over its role in the fraud.

Why Is the U.S. Still Sitting on $4 Billion in Madoff Money?

 

[Penelope]

Thank you for checking on this. I feel bad for the people but many lost money in the market, and there are so many scammers out there, but taxpayers should not be made to pay.