Monetary Crime Weekly: $4.3 Billion Paid To Bernie Madoff Ponzi Scheme Victims, Do Kwon Pleads Not Responsible

Do Kwon Pleads Not Responsible In U.S. Courtroom 

In accordance with a Reuters report, Do Kwon, co-founder of Terraform Labs, the incubator of TerraUSD USTC/USD and Luna LUNC/USD pleaded not responsible on Thursday to legal fraud expenses in a U.S. court docket. 

Kwon was handed over to U.S. legislation enforcement officers on Tuesday at an airport in Montenegro and extradited to the USA to face the costs.

Federal prosecutors in Manhattan charged Kwon with securities fraud, wire fraud, commodities fraud and cash laundering conspiracy associated to the collapse of Luna and TerraUSD in 2022, which resulted in an estimated $40 billion loss.

Learn extra right here: Terra Luna’s Do Kwon To Face Prison Fraud Expenses In US

DOJ Proclaims $4.3 Billion In Whole Distributions To Madoff Ponzi Scheme Victims

The Justice Division introduced on Monday that the Madoff Sufferer Fund started its tenth and last distribution of over $131.4 million to victims of the Bernard Madoff fraud scheme. 

The DOJ mentioned the newest funds might be despatched to greater than 23,000 victims, bringing the full to over 40,000 victims within the Madoff scheme having recovered 93.71% of their fraud losses. In whole, the MVF has paid over $4.3 billion from forfeited funds to 40,930 victims for losses suffered because of the collapse of  Bernard L. Madoff Funding Securities LLC. 

“Immediately’s distribution represents an unprecedented conclusion of sufferer compensation from civil forfeiture actions associated to the Madoff scheme with greater than $4 billion repaid to over 40,000 victims,” mentioned Assistant Director in Cost James E. Dennehy of the FBI New York Area Workplace. 

“These victims implicitly trusted Madoff with their investments solely to in the end lose important monies to his egocentric plan. With the Justice Division’s steadfast assist, the FBI will proceed its tireless seizure of belongings from criminals who steal from others and search to recuperate these belongings for sufferer losses,” Dennehy added. 

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