USA/

Madoff, 7 Years Later, What Have We Learned?

By SEC FOXBusiness

While Bernie Madoff serves the remainder of his 150 year prison sentence, his 20,000 victims are attempting to rebuild their lives. Madoff plead guilty to 11 counts of securities fraud and other charges seven years ago on March 12th 2009.  

Continue Reading Below

His victims invested roughly $20 billion with Madoff, whose private asset management fund was estimated to be worth $65 billion when it collapsed with tragic consequences in 2008. The fund turned out to be a gigantic Ponzi scheme.  

Madoff's Money Trail

$65B: Bernard L. Madoff Investment Securities before collapse

$11B: Recovered by court appointed trustee

$8.6B: Distributed to victims

Madoff Statistics

 

 

$65B: Bernard L. Madoff Investment Securities Before Collapse

 

$11.1B: Recovered by court appointed trustee

 

$8.6B: Distributed to victims

 

Madoff Statistics

 

 

$65B: Bernard L. Madoff Investment Securities Before Collapse

 

$11.1B: Recovered by court appointed trustee

 

$8.6B: Distributed to victims

 

Today, Madoff’s sons are dead. Andrew from cancer, Mark took his own life. While his wife Ruth lives a modest lifestyle in an apartment in Connecticut.

His victims in some cases have been wiped out and reduced to poverty.  In this edition of TALKENOMICS, Madoff’s lawyer Ike Sorkin, shares his candid thoughts on the Madoff tragedy. He also warns of new threats that rival Madoff and pose big risks to investors.   

Sorkin’s prestigious legal career includes work as a federal prosecutor and Director of the Securities and Exchange Commission’s New York office where he prosecuted mobsters and crooks. 

But it is his work as a criminal defense attorney representing “the despised, down trodden  and vilified” for which Sorkin is best known and not always liked. He stopped counting the death threats long ago.  In addition to Madoff, he has represented the “Yuppie Five”, the Wolf of Wall Street Jordan Belfort to name a few. 

Continue Reading Below

TALKENOMICS With Adam Shapiro

Sorkin says Wall Street has an attitude problem and investors need to be careful in this frank and open discussion.

 

 

 

 

What do you think?

Click the button below to comment on this article.