Topline

The Justice Department on Thursday started doling out payments to reimburse more than 30,000 victims of Bernie Madoff’s Ponzi scheme, more than 12 years after Madoff admitted his hedge fund was the biggest known fraud scheme in history.

Key Facts

Around $568 million in forfeited funds is set to be returned to investors who used Madoff to manage their money, marking the seventh round of repayments from the federal government.

After this round, more than $3.7 billion of the $4.05 billion Madoff Victim Fund will have been distributed, according to the Justice Department.

The largest sources of the fund are around $2.2 billion that was collected in a civil forfeiture from Jeffry Picower—a major beneficiary…

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