Madoffed
It was originally thought that very little money would be recovered for the victims of Bernard Madoff. The losses are still amazing but almost $10 billion dollars or 60% of the principal have been recovered by lawyers of the Securities Investor Protection Corporation.
The cost of recovery has been almost $1 billion. According to the article in the Miami Herald, lawyers, accountants, and other financial professionals have needed the last six years to determine who still had valid claims on money invested: more money in the account than withdrawn and who helped with the swindle and needed to be sued for their ill gotten gain.
This has taken a long time, the fraud should have been discovered before it got so big, more than a few victims will have to settle for less than full value and if you got screwed by Bernie, 150 years in jail is hardly enough punishment.
The cost of recovery has been almost $1 billion. According to the article in the Miami Herald, lawyers, accountants, and other financial professionals have needed the last six years to determine who still had valid claims on money invested: more money in the account than withdrawn and who helped with the swindle and needed to be sued for their ill gotten gain.
This has taken a long time, the fraud should have been discovered before it got so big, more than a few victims will have to settle for less than full value and if you got screwed by Bernie, 150 years in jail is hardly enough punishment.
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