\t\t\t\tEight years after Bernard Madoff was sentenced to 150 years in prison for defrauding investors in a $65 billion Ponzi scam, thousands of his victims have still not seen any of the money that they lost. These investors\u2019 claims are being handled by Madoff Victim Fund administrator Richard Breedon, whose firm RCB Fund Services was retained by the federal government to give $4B back to them. <\/p>\n
Breeden had estimated last year that up to 40,000 victims would get their first recovery checks by the end of 2016. That didn\u2019t happen. Now, he has stated that the initial distribution will happen this year and will be larger than what would have gone out previously. Claims processes and inadequate paperwork by some investors were some of the reasons cited for the delay. <\/p>\n
It is Breedon\u2019s job to recommend to the federal government which claims to reject or pay. His fund accepts recovery claims from all of types of investors who entrusted their money to Madoff, including feeder funds. Breedon\u2019s fees come out of investors\u2019 recovery.<\/p>\n