WorldCom to Madoff | A History of Firsts

RFS has administered some of the largest and most complex asset distributions of the last 20 years. From WorldCom, to Enron, to Madoff; when accuracy, reliability, and ingenuity mattered, RFS was the choice.



Decades of Expertise | Our Team

Leveraging decades of experience RFS is uniquely suited to assist clients with navigating the challenges of administering complex claim programs. We’re a diverse team of seasoned lawyers, accountants, auditors, analysts, programmers, and professionals united in our mission to help victims of unlawful conduct.



Helping Victims Recover from Unlawful Conduct.

RFS was founded almost 20 years ago by Richard C. Breeden, former Chairman of the U.S. Securities and Exchange Commission. Since then, we have handled many of the largest and most complex asset distributions on behalf of the U.S. Department of Justice, the U.S. Securities and Exchange Commission and various federal courts.

RFS has more experience than any firm in the world handling asset distributions on behalf of the U.S. Government. We do not divide our time between mass torts, employment cases, or other types of funds. Rather, we focus all of our efforts on distributions relating to illegal conduct involving securities.

Our team is uniquely familiar with securities markets, SEC Fair Funds and remission of forfeiture proceedings at DOJ. We handle all aspects of an administration from start to finish in house, enabling us to control the pace and quality of all of our processes.

Paying the Right People the Right Amounts.

RCB Fund Services | Madoff Victim Fund

Richard C. Breeden, RCB Fund Services, and the Madoff Victim Fund featured on CNBC’s American Greed: Biggest Cons.

Decades of Specialized Expertise

RFS offers an array of specialized administration, distribution, data management, analytic, and professional services backed by decades of experience. RFS is an expert in the administration of high-volume, highly complex, claim programs.

We Manage the Entire Claim Lifecycle

Our proprietary SmartClaim System manages the entire lifecycle of a claim from submission to distribution. SmartClaim System offers the flexibility to meet the requirements of any action with claimants and was built to ensure accurate, reliable, and efficient processing of claims.

Richard C. Breeden & Co. LLC

Mr. Breeden also founded a professional services firm to provide independent consulting services involving capital markets regulation, corporate monitoring, forensic investigations into corporate financial fraud, unraveling of Ponzi schemes, corporate governance issues, and evaluating internal controls and ethics and compliance systems.

Former SEC Chairman Richard Breeden sits down with Squawk on the Street.

Mr. Breeden has gained a reputation for candor and an ability to tackle tough issues. Our RFS team embodies these qualities, evidenced by our skill in unraveling more than a half a million Madoff investment transactions through banking, securities and insurance products, as well as investments through swaps and other derivatives from investors in more than 130 countries.

A People First Approach Backed by the Experience of RFS Has Helped Millions of Investors Receive Real Recoveries.

RFS maintains outstanding investor support services.  Incoming investor inquiries go to highly experienced customer service personnel, and NEVER to impersonal computerized systems. We pride ourselves in providing outstanding service to investor victims in the form of the increasingly lost art of direct human-to-human interaction.

Our approach puts an absolute premium on accuracy, with a focus on protecting the integrity of each administration.

Over more than 20 years, we have developed people, processes and systems that identify victims, validate claims and deliver payments with speed and accuracy. The accuracy of our process and the credibility we bring to carrying out our responsibilities is unique among fund administration firms.

The Largest Ever Ponzi Fraud

RFS has evaluated over 68,000 claims from victims of the fraud at Madoff Securities in 136 countries. These claims involve a half a million investment transactions with claimed losses totaling over $77 billion, channeled to Madoff through more than 1,200 different entities.

Intelligent Claims Processing

RCB Fund Services propriety claim filing system is unsurpassed in it’s ability to efficiently manage the entire lifecycle of a claim. Explore more about SmartClaim and our commitment to Data Security.

Digital Asset & Cryptocurrency

Our valuable experience evaluating digital assets and administering settlement proceeds to investors makes us an industry leader in the world of settlement administrations involving digital assets and other cryptocurrencies. We are one of, if not the only, settlement administration firm with expertise in this area.

RCB Fund Services

17 Technology Place
East Syracuse, NY 13057

Phone: (315) 251-6000
Fax: (315) 463-5874

Richard C. Breeden & Co.

322 North Atlantic Drive
Lantana, FL 33462

Syracuse, NY | New York, NY
Washington, DC | Greenwich, CT
Lantana, FL 

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