Anybody knows who managed to get away with his loot before ponzi hit the wall?
shareClose friends, Jews, Israelis now hold the $65Billion in cash!
shareThat is a great investment!
I wish I had a friend like Bernie.
https://en.wikipedia.org/wiki/Bernie_Madoff#Size_of_loss_to_investors
shareHey thanks for the link, great info there.
Those numbers are mindboggling. It really makes it look like money is the devil's dung.
There are several good articles that follow up on the Federal Government's disbursement of the Madoff money trail.
The obvious reveal was that he started out legit with the same people he later fooled into entrusting more money to his fund. The cutoff point I think is where the Feds approached dozens of his clients and warned them that their dividends were from ill-gotten gains based on the Ponzi scheme and they are now obligated by law to return the money.
I gotta say, that is quite unfair.
You have NO CLUE about what an investor is up to with your money.
He could be returning your money and dividends but in the meanwhile be using your money to buy drugs instead of whatever you thought you invested in.
If you had a contract describing your investment and he didn't actually respect that, and you had no clue about his real wrongdoings, why would you be liable to that?
It's a great question, I believe it had to go to a judge to decide if the U.S. Government would suck it up and give investors get their fake dividends, which would have been about 45 billion dollars more than the approx 15-20 billion recovered.
Ultimately it was decided that investors were only eligible to get the original amount of money they invested, nothing more. Some people couldn't wait several years to get their original investment back so they accepted way less. If a cheated investor waited long enough, and accepted no deals, they probably got 80% - 90% of their original investment, with 10% going to fees.
I know it sucks but usually when someone is scammed by a Ponzi they rarely get 5% back. Finally, I think one of Bernie's friends, Picard?, agreed to give back 7 billion dollars, which was almost HALF of all money invested in Bernies scam!