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TMFEditorsDesk (< 20)

Madoff's Mess: Bigger Than We Thought Last Month

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July 13, 2009 – Comments (1)

Good story from the New York Times on claims made against Madoff. A few snippets:

The final tally of claims from victims of Bernard L. Madoff’s vast Ponzi scheme comes to more than 15,400, substantially higher than the 8,800 claims that had been filed by the first of June.

The total was included in an interim report filed on Thursday in Federal Bankruptcy Court in Manhattan by Irving H. Picard, the trustee overseeing the liquidation of Mr. Madoff’s estate. ...

The claims tally adds a new metric to the enormous fraud, which was already remarkable for the amount of paper profits wiped out ($64.8 billion), the amount of cash that flowed through the Ponzi scheme since its inception ($170 billion) and the number of years the fraud continued undetected (nearly 30, according to the government prosecutors).

You can check out the full story here: http://www.nytimes.com/2009/07/10/business/10madoff.html?nl=your-money&emc=your-moneyema4.

-Brian Richards

1 Comments – Post Your Own

#1) On July 13, 2009 at 1:14 PM, TMFEditorsDesk (< 20) wrote:

And with the embedded link ... Here's the full story.

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