The Fate of Bernie Madoff

" I need help snap dot com 48 states and the District of Columbia show the geography aware of Bernie Madoff clients turn victims ultimately lift. The greatest density was in Florida new York and California. It lift more than 14900. People who were duped by Madoff Ponzi scheme and that indicates this is by no means just a New York story. Here is my take number one there is a valuable lesson learned for every investor based on his Ponzi scheme know what you're investing in. Just because you have a financial adviser does not mean you should act to keep control. A real life savings. Number Q where was the SEC. Has flip it lived up to their end of the bargain these two sources of protection failed to protect so what repercussions will they face. It's frankly deplorable and someone should be held accountable and number three Bernie Madoff should not get off lightly. The judge in this case have to prove that this behavior is on acceptable. Joining me now from warrant is made up victims expected to -- going into court this morning while the judge told those final discussions. Joining me from across the country from Fort Lauderdale Joyce Kaufman. Joyce -- show radio host from Tampa. Ferro files host Scott -- and lend money matters radio host west pointed freebie -- so much for joining us this morning. We we EM I guess we're we're surveying all those people who had experienced losses across the country tries to want to start with you. Because the perception is that Fort Lauderdale, Florida has been one of the hardest areas hit. What is it that callers are telling you about this entire case."

" Well my AM radio station actually extends all the way up to Palm Beach and Palm Beach was hit probably as hard as New York if not harder. Bernie Madoff just hung out in these wonderful country clubs with -- all of these retirees and movers and shakers and they. All fell prey to this magnetic character who promise them returns that they couldn't believe and of course they shouldn't have believed but. It's just fascinating you know down here is an industry called reverse mortgages I guess it's all over the country. And he used to be a way out for people who are struggling. All of a sudden millionaires are calling mortgage brokers looking for reverse mortgages because they've left they've been left with nothing. So we've seen a real profound effect most of my listeners are just calling for his head they want a 115 year sentence. They want his wife stripped of that two point one million dollars. They're just furious and their devastated."

" West in Atlanta if you look at the -- airy chose nearly the opposite that there were not and many people in Atlanta who were impacted by this story. But but people care about and -- to what specifically are your caller is saying about why there's so we just in this case."

" It speaks to the close -- country club. Feel and marketing the Bernie Madoff had. You really just had this tight knit group in Florida in New York in and luckily there weren't that many people -- However we talk to people in this is not of the people like to talk about it -- victim. It's really hard to get people talking we did speak to you some Madoff victims -- they're just completely devastated because you're would elect this. Everyone felt the SEC failed them. Ruth Madoff failed in the auditors failed them and now the question is specific going to fail lot of these people. Number one it -- then BI RS is that is actually turning their back a lot of these people that were in the secondary funds that aren't getting a whole lot of preferential treatment."

" I can -- gene Scott that this is going to have some real long term consequences for the financial advice business for those feeder funds. Many of which happened to be locate and you're -- Tampa a lot can happen to be located down in Florida. What I hear people say about half conceit that people -- what really worries."

" Well there's no right answer no -- what was what was black is now I'm not black it's grave in in in people that you thought you could trust. You no longer can and that's the biggest challenge no -- Bernie Madoff he's. People talk about it he's not a serial killer he's -- serial life taker but there's hundreds of Bernie Madoff out there may be thousands of a smaller level. In Sarasota we saw our afternoon Dallas volatile mini Madoff. And he's done the same thing and people now look a lot of these people who were were scam. Our people were used to not being being at the top of their game and they're ashamed they don't want to talk as west that. And what do they turn. Obviously no wonder everybody is asleep at the wheel. And Madoff had the ability. Which I look at -- like that being back in high school he was the in crowd and everybody want to be part of Bernie -- off and he did what you have to do to scam people he said -- let you end. Oh let me think about it and that's what's so insidious really -- associate -- here and I know a lot of people would love to see. In Florida the death penalty for this guy 150 years is not enough he really is a serial life taker."

" You know Joyce you mentioned earlier that we've made -- she's going to keep twenty million dollars in cash and other assets I've thought that was absolutely do. Horrible to say the very least. The one thing we haven't heard about two if -- have to have only members. And how they ultimately could be impact we haven't heard of any lawsuits against them. They have moved on to visit their father in jail what what are people saying about that."

" they want all of their heads on a platter they don't believe that the -- have clean hands in this and down here you know we're finding out. There were other people who are going to become they're going to emerge as other villains we have Jeffrey pick out down here. A great philanthropist. Who managed to withdraw. Five point one billion dollars more than he invested with Bernie Madoff and was starting to see other heads roll and other people. Be affected. Charities down here -- devastated from Hadassah to the Kravis center for the arts and people are angry about that. The other thing I have to tell you Alexis we hearing a lot about. Sort of a move an anti semitism we suffer from that this country in any case but Bernie Madoff just. It is the way that this case was handled by the media really allowed people to say here we go again it's another. Guy who sits in -- country clubs in South Florida and why haven't we examine why and we look closer at them."

" You know -- I imagine you've got to give people even stronger advice now because they're questioning every investment they make. Some of these people will put money in their pension funds and pension plan controls their funds. What do you tell people about their own accountability. In their decision and investment decisions."

" We it's a great points earlier about how to protect in the future and it's easy to play. Monday Morning Quarterback about what you should have done -- couldn't have done there. Should do in the future here's what I would offered and have been talking about the listeners would still unbelievably important. Is -- is boring is it may sound statements are the real key to this whole story you solve Vanity Fair get a picture did some videos. Chronicling some of the people who lost everything. And they're going through their statements and they're seeing there's they're commenting on blue chip companies like Citigroup will Citigroup lost 80%. Last year in 2008 so they give a statement doesn't go down -- Citigroup has a big holding there's got to be something wrong here. I would -- number one to look at statements in number to create your own sense of checks and balances you have to save yourself you're so you need a paper statement and online. At an online statement and then a national third party custodians and that's really all we can offer to make sure that this never happens to anyone else again. As simple as that may sound statements checks and balances and a third party national has studied her. Are essential yes Scott we only have about twenty seconds what's the lesson learned. Diversify. And if it's too good to be true we've said this -- lifetime we've been here. On this -- if it's too good to be true it's too good to be true walk away. It's not going to work out the way you thought it would never that."