Madoff Fund Paid Millions to Breeden Firm, Zero to VictimsBy
Ponzi investors are awaiting payouts from $4 billion pot
Cash for victims came from Jeffry Picower and JPMorgan
A firm hired by the U.S. to distribute $4 billion to victims of Bernard Madoff’s Ponzi scheme has racked up $38.8 million in billings over four years. The investors are still waiting for their first checks, though.
The Justice Department disclosed its payments to Richard Breeden, the Madoff Victim Fund administrator, in response to a Freedom of Information Act request from Bloomberg News. Breeden’s fees, which are being paid from cash in the fund, cover his work through 2016…
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