“…jurors rejected the former employees’ central defense: that only Mr. Madoff had known the evil purpose behind the chores he told them to carry out, while they had simply trusted for decades in the honesty of a man widely known and respected on Wall Street”
“…five years later, many of his victims are still waiting to learn if they will recover even a small fraction of the wealth they lost. And some anxious investors, who withdrew much more than they put into their Madoff accounts, are facing lawsuits that seek to reclaim profits that, unknown to them, were paid with stolen money.”
The largest category of victims in the vast Ponzi scheme run by Bernard L. Madoff — those who lost cash through accounts with various middleman funds — will be first in line for compensation from a $2.35 billion fund collected by the Justice Department.
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From an interview on Here & Now with Robin Young & Jeremy Hobson, WBUR Boston public radio:
Link to page on WBUR site.
Diana discusses new material in the paperback edition of The Wizard of Lies, including Madoff’s health and declining relationship with his wife; as well as brief commentary on the JPMorgan Chase trading scandal.
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Bernie Madoff is now about three years into his 150-year prison sentence, and despite pleading guilty to a $65 billion Ponzi scheme, he’s apparently trying to clear his name.
Full article here.
In eastern Ohio, Amish and Mennonite communities grapple with questions of faith and finance as a neighbor stands accused of a Ponzi scheme.