More on Marketing

Jenn Leach
3 years ago
This clever Instagram marketing technique increased my sales to $30,000 per month.
No Paid Ads Required
I had an online store. After a year of running the company alongside my 9-to-5, I made enough to resign.
That day was amazing.
This Instagram marketing plan helped the store succeed.
How did I increase my sales to five figures a month without using any paid advertising?
I used customer event marketing.
I'm not sure this term exists. I invented it to describe what I was doing.
Instagram word-of-mouth, fan engagement, and interaction drove sales.
If a customer liked or disliked a product, the buzz would drive attention to the store.
I used customer-based events to increase engagement and store sales.
Success!
Here are the weekly Instagram customer events I coordinated while running my business:
Be the Buyer Days
Flash sales
Mystery boxes
Be the Buyer Days: How do they work?
Be the Buyer Days are exactly that.
You choose a day to share stock selections with social media followers.
This is an easy approach to engaging customers and getting fans enthusiastic about new releases.
First, pick a handful of items you’re considering ordering. I’d usually pick around 3 for Be the Buyer Day.
Then I'd poll the crowd on Instagram to vote on their favorites.
This was before Instagram stories, polls, and all the other cool features Instagram offers today. I think using these tools now would make this event even better.
I'd ask customers their favorite back then.
The growing comments excited customers.
Then I'd declare the winner, acquire the products, and start selling it.
How do flash sales work?
I mostly ran flash sales.
You choose a limited number of itemsdd for a few-hour sale.
We wanted most sales to result in sold-out items.
When an item sells out, it contributes to the sensation of scarcity and can inspire customers to visit your store to buy a comparable product, join your email list, become a fan, etc.
We hoped they'd act quickly.
I'd hold flash deals twice a week, which generated scarcity and boosted sales.
The store had a few thousand Instagram followers when I started flash deals.
Each flash sale item would make $400 to $600.
$400 x 3= $1,200
That's $1,200 on social media!
Twice a week, you'll make roughly $10K a month from Instagram.
$1,200/day x 8 events/month=$9,600
Flash sales did great.
We held weekly flash deals and sent social media and email reminders. That’s about it!
How are mystery boxes put together?
All you do is package a box of store products and sell it as a mystery box on TikTok or retail websites.
A $100 mystery box would cost $30.
You're discounting high-value boxes.
This is a clever approach to get rid of excess inventory and makes customers happy.
It worked!
Be the Buyer Days, flash deals, and mystery boxes helped build my company without paid advertisements.
All companies can use customer event marketing. Involving customers and providing an engaging environment can boost sales.
Try it!

Rachel Greenberg
3 years ago
6 Causes Your Sales Pitch Is Unintentionally Repulsing Customers
Skip this if you don't want to discover why your lively, no-brainer pitch isn't making $10k a month.
You don't want to be repulsive as an entrepreneur or anyone else. Making friends, influencing people, and converting strangers into customers will be difficult if your words evoke disgust, distrust, or disrespect. You may be one of many entrepreneurs who do this obliviously and involuntarily.
I've had to master selling my skills to recruiters (to land 6-figure jobs on Wall Street), selling companies to buyers in M&A transactions, and selling my own companies' products to strangers-turned-customers. I probably committed every cardinal sin of sales repulsion before realizing it was me or my poor salesmanship strategy.
If you're launching a new business, frustrated by low conversion rates, or just curious if you're repelling customers, read on to identify (and avoid) the 6 fatal errors that can kill any sales pitch.
1. The first indication
So many people fumble before they even speak because they assume their role is to convince the buyer. In other words, they expect to pressure, arm-twist, and combat objections until they convert the buyer. Actuality, the approach stinks of disgust, and emotionally-aware buyers would feel "gross" immediately.
Instead of trying to persuade a customer to buy, ask questions that will lead them to do so on their own. When a customer discovers your product or service on their own, they need less outside persuasion. Why not position your offer in a way that leads customers to sell themselves on it?
2. A flawless performance
Are you memorizing a sales script, tweaking video testimonials, and expunging historical blemishes before hitting "publish" on your new campaign? If so, you may be hurting your conversion rate.
Perfection may be a step too far and cause prospects to mistrust your sincerity. Become a great conversationalist to boost your sales. Seriously. Being charismatic is hard without being genuine and showing a little vulnerability.
People like vulnerability, even if it dents your perfect facade. Show the customer's stuttering testimonial. Open up about your or your company's past mistakes (and how you've since improved). Make your sales pitch a two-way conversation. Let the customer talk about themselves to build rapport. Real people sell, not canned scripts and movie-trailer testimonials.
If marketing or sales calls feel like a performance, you may be doing something wrong or leaving money on the table.
3. Your greatest phobia
Three minutes into prospect talks, I'd start sweating. I was talking 100 miles per hour, covering as many bases as possible to avoid the ones I feared. I knew my then-offering was inadequate and my firm had fears I hadn't addressed. So I word-vomited facts, features, and everything else to avoid the customer's concerns.
Do my prospects know I'm insecure? Maybe not, but it added an unnecessary and unhelpful layer of paranoia that kept me stressed, rushed, and on edge instead of connecting with the prospect. Skirting around a company, product, or service's flaws or objections is a poor, temporary, lazy (and cowardly) decision.
How can you project confidence and trust if you're afraid? Before you make another sales call, face your shortcomings, weak points, and objections. Your company won't be everyone's cup of tea, but you should have answers to every question or objection. You should be your business's top spokesperson and defender.
4. The unintentional apologies
Have you ever begged for a sale? I'm going to say no, however you may be unknowingly emitting sorry, inferior, insecure energy.
Young founders, first-time entrepreneurs, and those with severe imposter syndrome may elevate their target customer. This is common when trying to get first customers for obvious reasons.
Since you're truly new at this, you naturally lack experience.
You don't have the self-confidence boost of thousands or hundreds of closed deals or satisfied client results to remind you that your good or service is worthwhile.
Getting those initial few clients seems like the most difficult task, as if doing so will decide the fate of your company as a whole (it probably won't, and you shouldn't actually place that much emphasis on any one transaction).
Customers can smell fear, insecurity, and anxiety just like they can smell B.S. If you believe your product or service improves clients' lives, selling it should feel like a benevolent act of service, not a sleazy money-grab. If you're a sincere entrepreneur, prospects will believe your proposition; if you're apprehensive, they'll notice.
Approach every sale as if you're fine with or without it. This has improved my salesmanship, marketing skills, and mental health. When you put pressure on yourself to close a sale or convince a difficult prospect "or else" (your company will fail, your rent will be late, your electricity will be cut), you emit desperation and lower the quality of your pitch. There's no point.
5. The endless promises
We've all read a million times how to answer or disprove prospects' arguments and add extra incentives to speed or secure the close. Some objections shouldn't be refuted. What if I told you not to offer certain incentives, bonuses, and promises? What if I told you to walk away from some prospects, even if it means losing your sales goal?
If you market to enough people, make enough sales calls, or grow enough companies, you'll encounter prospects who can't be satisfied. These prospects have endless questions, concerns, and requests for more, more, more that you'll never satisfy. These people are a distraction, a resource drain, and a test of your ability to cut losses before they erode your sanity and profit margin.
To appease or convert these insatiably needy, greedy Nellies into customers, you may agree with or acquiesce to every request and demand — even if you can't follow through. Once you overpromise and answer every hole they poke, their trust in you may wane quickly.
Telling a prospect what you can't do takes courage and integrity. If you're honest, upfront, and willing to admit when a product or service isn't right for the customer, you'll gain respect and positive customer experiences. Sometimes honesty is the most refreshing pitch and the deal-closer.
6. No matter what
Have you ever said, "I'll do anything to close this sale"? If so, you've probably already been disqualified. If a prospective customer haggles over a price, requests a discount, or continues to wear you down after you've made three concessions too many, you have a metal hook in your mouth, not them, and it may not end well. Why?
If you're so willing to cut a deal that you cut prices, comp services, extend payment plans, waive fees, etc., you betray your own confidence that your product or service was worth the stated price. They wonder if anyone is paying those prices, if you've ever had a customer (who wasn't a blood relative), and if you're legitimate or worth your rates.
Once a prospect senses that you'll do whatever it takes to get them to buy, their suspicions rise and they wonder why.
Why are you cutting pricing if something is wrong with you or your service?
Why are you so desperate for their sale?
Why aren't more customers waiting in line to pay your pricing, and if they aren't, what on earth are they doing there?
That's what a prospect thinks when you reveal your lack of conviction, desperation, and willingness to give up control. Some prospects will exploit it to drain you dry, while others will be too frightened to buy from you even if you paid them.
Walking down a two-way street. Be casual.
If we track each act of repulsion to an uneasiness, fear, misperception, or impulse, it's evident that these sales and marketing disasters were forced communications. Stiff, imbalanced, divisive, combative, bravado-filled, and desperate. They were unnatural and accepted a power struggle between two sparring, suspicious, unequal warriors, rather than a harmonious oneness of two natural, but opposite parties shaking hands.
Sales should be natural, harmonious. Sales should feel good for both parties, not like one party is having their arm twisted.
You may be doing sales wrong if it feels repulsive, icky, or degrading. If you're thinking cringe-worthy thoughts about yourself, your product, service, or sales pitch, imagine what you're projecting to prospects. Don't make it unpleasant, repulsive, or cringeworthy.

Mark Shpuntov
3 years ago
How to Produce a Month's Worth of Content for Social Media in a Day
New social media producers' biggest error
The Treadmill of Social Media Content
New creators focus on the wrong platforms.
They post to Instagram, Twitter, TikTok, etc.
They create daily material, but it's never enough for social media algorithms.
Creators recognize they're on a content creation treadmill.
They have to keep publishing content daily just to stay on the algorithm’s good side and avoid losing the audience they’ve built on the platform.
This is exhausting and unsustainable, causing creator burnout.
They focus on short-lived platforms, which is an issue.
Comparing low- and high-return social media platforms
Social media networks are great for reaching new audiences.
Their algorithm is meant to viralize material.
Social media can use you for their aims if you're not careful.
To master social media, focus on the right platforms.
To do this, we must differentiate low-ROI and high-ROI platforms:
Low ROI platforms are ones where content has a short lifespan. High ROI platforms are ones where content has a longer lifespan.
A tweet may be shown for 12 days. If you write an article or blog post, it could get visitors for 23 years.
ROI is drastically different.
New creators have limited time and high learning curves.
Nothing is possible.
First create content for high-return platforms.
ROI for social media platforms
Here are high-return platforms:
Your Blog - A single blog article can rank and attract a ton of targeted traffic for a very long time thanks to the power of SEO.
YouTube - YouTube has a reputation for showing search results or sidebar recommendations for videos uploaded 23 years ago. A superb video you make may receive views for a number of years.
Medium - A platform dedicated to excellent writing is called Medium. When you write an article about a subject that never goes out of style, you're building a digital asset that can drive visitors indefinitely.
These high ROI platforms let you generate content once and get visitors for years.
This contrasts with low ROI platforms:
Twitter
Instagram
TikTok
LinkedIn
Facebook
The posts you publish on these networks have a 23-day lifetime. Instagram Reels and TikToks are exceptions since viral content can last months.
If you want to make content creation sustainable and enjoyable, you must focus the majority of your efforts on creating high ROI content first. You can then use the magic of repurposing content to publish content to the lower ROI platforms to increase your reach and exposure.
How To Use Your Content Again
So, you’ve decided to focus on the high ROI platforms.
Great!
You've published an article or a YouTube video.
You worked hard on it.
Now you have fresh stuff.
What now?
If you are not repurposing each piece of content for multiple platforms, you are throwing away your time and efforts.
You've created fantastic material, so why not distribute it across platforms?
Repurposing Content Step-by-Step
For me, it's writing a blog article, but you might start with a video or podcast.
The premise is the same regardless of the medium.
Start by creating content for a high ROI platform (YouTube, Blog Post, Medium). Then, repurpose, edit, and repost it to the lower ROI platforms.
Here's how to repurpose pillar material for other platforms:
Post the article on your blog.
Put your piece on Medium (use the canonical link to point to your blog as the source for SEO)
Create a video and upload it to YouTube using the talking points from the article.
Rewrite the piece a little, then post it to LinkedIn.
Change the article's format to a Thread and share it on Twitter.
Find a few quick quotes throughout the article, then use them in tweets or Instagram quote posts.
Create a carousel for Instagram and LinkedIn using screenshots from the Twitter Thread.
Go through your film and select a few valuable 30-second segments. Share them on LinkedIn, Facebook, Twitter, TikTok, YouTube Shorts, and Instagram Reels.
Your video's audio can be taken out and uploaded as a podcast episode.
If you (or your team) achieve all this, you'll have 20-30 pieces of social media content.
If you're just starting, I wouldn't advocate doing all of this at once.
Instead, focus on a few platforms with this method.
You can outsource this as your company expands. (If you'd want to learn more about content repurposing, contact me.)
You may focus on relevant work while someone else grows your social media on autopilot.
You develop high-ROI pillar content, and it's automatically chopped up and posted on social media.
This lets you use social media algorithms without getting sucked in.
Thanks for reading!
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Bloomberg
3 years ago
Expulsion of ten million Ukrainians
According to recent data from two UN agencies, ten million Ukrainians have been displaced.
The International Organization for Migration (IOM) estimates nearly 6.5 million Ukrainians have relocated. Most have fled the war zones around Kyiv and eastern Ukraine, including Dnipro, Zhaporizhzhia, and Kharkiv. Most IDPs have fled to western and central Ukraine.
Since Russia invaded on Feb. 24, 3.6 million people have crossed the border to seek refuge in neighboring countries, according to the latest UN data. While most refugees have fled to Poland and Romania, many have entered Russia.
Internally displaced figures are IOM estimates as of March 19, based on 2,000 telephone interviews with Ukrainians aged 18 and older conducted between March 9-16. The UNHCR compiled the figures for refugees to neighboring countries on March 21 based on official border crossing data and its own estimates. The UNHCR's top-line total is lower than the country totals because Romania and Moldova totals include people crossing between the two countries.
Sources: IOM, UNHCR
According to IOM estimates based on telephone interviews with a representative sample of internally displaced Ukrainians, over 53% of those displaced are women, and over 60% of displaced households have children.

The woman
3 years ago
The best lesson from Sundar Pichai is that success and stress don't mix.
His regular regimen teaches stress management.
In 1995, an Indian graduate visited the US. He obtained a scholarship to Stanford after graduating from IIT with a silver medal. First flight. His ticket cost a year's income. His head was full.
Pichai Sundararajan is his full name. He became Google's CEO and a world leader. Mr. Pichai transformed technology and inspired millions to dream big.
This article reveals his daily schedule.
Mornings
While many of us dread Mondays, Mr. Pichai uses the day to contemplate.
A typical Indian morning. He awakens between 6:30 and 7 a.m. He avoids working out in the mornings.
Mr. Pichai oversees the internet, but he reads a real newspaper every morning.
Pichai mentioned that he usually enjoys a quiet breakfast during which he reads the news to get a good sense of what’s happening in the world. Pichai often has an omelet for breakfast and reads while doing so. The native of Chennai, India, continues to enjoy his daily cup of tea, which he describes as being “very English.”
Pichai starts his day. BuzzFeed's Mat Honan called the CEO Banana Republic dad.
Overthinking in the morning is a bad idea. It's crucial to clear our brains and give ourselves time in the morning before we hit traffic.
Mr. Pichai's morning ritual shows how to stay calm. Wharton Business School found that those who start the day calmly tend to stay that way. It's worth doing regularly.
And he didn't forget his roots.
Afternoons
He has a busy work schedule, as you can imagine. Running one of the world's largest firm takes time, energy, and effort. He prioritizes his work. Monitoring corporate performance and guaranteeing worker efficiency.
Sundar Pichai spends 7-8 hours a day to improve Google. He's noted for changing the company's culture. He wants to boost employee job satisfaction and performance.
His work won him recognition within the company.
Pichai received a 96% approval rating from Glassdoor users in 2017.
Mr. Pichai stresses work satisfaction. Each day is a new canvas for him to find ways to enrich people's job and personal lives.
His work offers countless lessons. According to several profiles and press sources, the Google CEO is a savvy negotiator. Mr. Pichai's success came from his strong personality, work ethic, discipline, simplicity, and hard labor.
Evenings
His evenings are spent with family after a busy day. Sundar Pichai's professional and personal lives are balanced. Sundar Pichai is a night owl who re-energizes about 9 p.m.
However, he claims to be most productive after 10 p.m., and he thinks doing a lot of work at that time is really useful. But he ensures he sleeps for around 7–8 hours every day. He enjoys long walks with his dog and enjoys watching NSDR on YouTube. It helps him in relaxing and sleep better.
His regular routine teaches us what? Work wisely, not hard, discipline, vision, etc. His stress management is key. Leading one of the world's largest firm with 85,000 employees is scary.
The pressure to achieve may ruin a day. Overworked employees are more likely to make mistakes or be angry with coworkers, according to the Family Work Institute. They can't handle daily problems, making the house more stressful than the office.
Walking your dog, having fun with friends, and having hobbies are as vital as your office.
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Adam Hayes
3 years ago
Bernard Lawrence "Bernie" Madoff, the largest Ponzi scheme in history
Madoff who?
Bernie Madoff ran the largest Ponzi scheme in history, defrauding thousands of investors over at least 17 years, and possibly longer. He pioneered electronic trading and chaired Nasdaq in the 1990s. On April 14, 2021, he died while serving a 150-year sentence for money laundering, securities fraud, and other crimes.
Understanding Madoff
Madoff claimed to generate large, steady returns through a trading strategy called split-strike conversion, but he simply deposited client funds into a single bank account and paid out existing clients. He funded redemptions by attracting new investors and their capital, but the market crashed in late 2008. He confessed to his sons, who worked at his firm, on Dec. 10, 2008. Next day, they turned him in. The fund reported $64.8 billion in client assets.
Madoff pleaded guilty to 11 federal felony counts, including securities fraud, wire fraud, mail fraud, perjury, and money laundering. Ponzi scheme became a symbol of Wall Street's greed and dishonesty before the financial crisis. Madoff was sentenced to 150 years in prison and ordered to forfeit $170 billion, but no other Wall Street figures faced legal ramifications.
Bernie Madoff's Brief Biography
Bernie Madoff was born in Queens, New York, on April 29, 1938. He began dating Ruth (née Alpern) when they were teenagers. Madoff told a journalist by phone from prison that his father's sporting goods store went bankrupt during the Korean War: "You watch your father, who you idolize, build a big business and then lose everything." Madoff was determined to achieve "lasting success" like his father "whatever it took," but his career had ups and downs.
Early Madoff investments
At 22, he started Bernard L. Madoff Investment Securities LLC. First, he traded penny stocks with $5,000 he earned installing sprinklers and as a lifeguard. Family and friends soon invested with him. Madoff's bets soured after the "Kennedy Slide" in 1962, and his father-in-law had to bail him out.
Madoff felt he wasn't part of the Wall Street in-crowd. "We weren't NYSE members," he told Fishman. "It's obvious." According to Madoff, he was a scrappy market maker. "I was happy to take the crumbs," he told Fishman, citing a client who wanted to sell eight bonds; a bigger firm would turn it down.
Recognition
Success came when he and his brother Peter built electronic trading capabilities, or "artificial intelligence," that attracted massive order flow and provided market insights. "I had all these major banks coming down, entertaining me," Madoff told Fishman. "It was mind-bending."
By the late 1980s, he and four other Wall Street mainstays processed half of the NYSE's order flow. Controversially, he paid for much of it, and by the late 1980s, Madoff was making in the vicinity of $100 million a year. He was Nasdaq chairman from 1990 to 1993.
Madoff's Ponzi scheme
It is not certain exactly when Madoff's Ponzi scheme began. He testified in court that it began in 1991, but his account manager, Frank DiPascali, had been at the firm since 1975.
Why Madoff did the scheme is unclear. "I had enough money to support my family's lifestyle. "I don't know why," he told Fishman." Madoff could have won Wall Street's respect as a market maker and electronic trading pioneer.
Madoff told Fishman he wasn't solely responsible for the fraud. "I let myself be talked into something, and that's my fault," he said, without saying who convinced him. "I thought I could escape eventually. I thought it'd be quick, but I couldn't."
Carl Shapiro, Jeffry Picower, Stanley Chais, and Norm Levy have been linked to Bernard L. Madoff Investment Securities LLC for years. Madoff's scheme made these men hundreds of millions of dollars in the 1960s and 1970s.
Madoff told Fishman, "Everyone was greedy, everyone wanted to go on." He says the Big Four and others who pumped client funds to him, outsourcing their asset management, must have suspected his returns or should have. "How can you make 15%-18% when everyone else is making less?" said Madoff.
How Madoff Got Away with It for So Long
Madoff's high returns made clients look the other way. He deposited their money in a Chase Manhattan Bank account, which merged to become JPMorgan Chase & Co. in 2000. The bank may have made $483 million from those deposits, so it didn't investigate.
When clients redeemed their investments, Madoff funded the payouts with new capital he attracted by promising unbelievable returns and earning his victims' trust. Madoff created an image of exclusivity by turning away clients. This model let half of Madoff's investors profit. These investors must pay into a victims' fund for defrauded investors.
Madoff wooed investors with his philanthropy. He defrauded nonprofits, including the Elie Wiesel Foundation for Peace and Hadassah. He approached congregants through his friendship with J. Ezra Merkin, a synagogue officer. Madoff allegedly stole $1 billion to $2 billion from his investors.
Investors believed Madoff for several reasons:
- His public portfolio seemed to be blue-chip stocks.
- His returns were high (10-20%) but consistent and not outlandish. In a 1992 interview with Madoff, the Wall Street Journal reported: "[Madoff] insists the returns were nothing special, given that the S&P 500-stock index returned 16.3% annually from 1982 to 1992. 'I'd be surprised if anyone thought matching the S&P over 10 years was remarkable,' he says.
- "He said he was using a split-strike collar strategy. A collar protects underlying shares by purchasing an out-of-the-money put option.
SEC inquiry
The Securities and Exchange Commission had been investigating Madoff and his securities firm since 1999, which frustrated many after he was prosecuted because they felt the biggest damage could have been prevented if the initial investigations had been rigorous enough.
Harry Markopolos was a whistleblower. In 1999, he figured Madoff must be lying in an afternoon. The SEC ignored his first Madoff complaint in 2000.
Markopolos wrote to the SEC in 2005: "The largest Ponzi scheme is Madoff Securities. This case has no SEC reward, so I'm turning it in because it's the right thing to do."
Many believed the SEC's initial investigations could have prevented Madoff's worst damage.
Markopolos found irregularities using a "Mosaic Method." Madoff's firm claimed to be profitable even when the S&P fell, which made no mathematical sense given what he was investing in. Markopolos said Madoff Securities' "undisclosed commissions" were the biggest red flag (1 percent of the total plus 20 percent of the profits).
Markopolos concluded that "investors don't know Bernie Madoff manages their money." Markopolos learned Madoff was applying for large loans from European banks (seemingly unnecessary if Madoff's returns were high).
The regulator asked Madoff for trading account documentation in 2005, after he nearly went bankrupt due to redemptions. The SEC drafted letters to two of the firms on his six-page list but didn't send them. Diana Henriques, author of "The Wizard of Lies: Bernie Madoff and the Death of Trust," documents the episode.
In 2008, the SEC was criticized for its slow response to Madoff's fraud.
Confession, sentencing of Bernie Madoff
Bernard L. Madoff Investment Securities LLC reported 5.6% year-to-date returns in November 2008; the S&P 500 fell 39%. As the selling continued, Madoff couldn't keep up with redemption requests, and on Dec. 10, he confessed to his sons Mark and Andy, who worked at his firm. "After I told them, they left, went to a lawyer, who told them to turn in their father, and I never saw them again. 2008-12-11: Bernie Madoff arrested.
Madoff insists he acted alone, but several of his colleagues were jailed. Mark Madoff died two years after his father's fraud was exposed. Madoff's investors committed suicide. Andy Madoff died of cancer in 2014.
2009 saw Madoff's 150-year prison sentence and $170 billion forfeiture. Marshals sold his three homes and yacht. Prisoner 61727-054 at Butner Federal Correctional Institution in North Carolina.
Madoff's lawyers requested early release on February 5, 2020, claiming he has a terminal kidney disease that may kill him in 18 months. Ten years have passed since Madoff's sentencing.
Bernie Madoff's Ponzi scheme aftermath
The paper trail of victims' claims shows Madoff's complexity and size. Documents show Madoff's scam began in the 1960s. His final account statements show $47 billion in "profit" from fake trades and shady accounting.
Thousands of investors lost their life savings, and multiple stories detail their harrowing loss.
Irving Picard, a New York lawyer overseeing Madoff's bankruptcy, has helped investors. By December 2018, Picard had recovered $13.3 billion from Ponzi scheme profiteers.
A Madoff Victim Fund (MVF) was created in 2013 to help compensate Madoff's victims, but the DOJ didn't start paying out the $4 billion until late 2017. Richard Breeden, a former SEC chair who oversees the fund, said thousands of claims were from "indirect investors"
Breeden and his team had to reject many claims because they weren't direct victims. Breeden said he based most of his decisions on one simple rule: Did the person invest more than they withdrew? Breeden estimated 11,000 "feeder" investors.
Breeden wrote in a November 2018 update for the Madoff Victim Fund, "We've paid over 27,300 victims 56.65% of their losses, with thousands more to come." In December 2018, 37,011 Madoff victims in the U.S. and around the world received over $2.7 billion. Breeden said the fund expected to make "at least one more significant distribution in 2019"
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