That's a big list
Yesterday, the list of apparent customers of Bernard Madoff was filed in federal bankruptcy court who were caught up in what is believed to be a $50 billion Ponzi scheme. A Ponzi scheme is a fraudulent investment operation that pays returns to investors from their own money or money paid by subsequent investors rather than from profit. The scheme is named after Charles Ponzi,who became notorious for using the technique after emigrating from Italy to the United States in 1903. Ponzi did not invent the scheme, but his operation took in so much money that it was the first to become known throughout the United States.The list of Mr. Madoff's "customers" includes more than 13,600 names and hits some pretty wealthy people where it hurts. The list includes names like actor John Malkovich, talk-show host Larry King, New Jersey Sen. Frank Lautenberg, former baseball star Sandy Koufax, Steven Spielberg's Wunderkind Foundation, New York Mets owner Fred Wilpon, John Denver Concerts Inc. Charities, art collector Norman Braman and Berkshire Hathaway money manager David Gottesman. Others have come forward who are not on the list include Kevin Bacon and his wife Kyra Sedgwick and Zsa Zsa Gabor. All told, it has been estimated he milked over $50 billion from some of countries richest people and that is money they may never see again.
Needless to say, I think Mr. Madoff will be spending a large amount of time paying for his crimes.
Labels: Law
posted by TheWino @ 7:35 AM
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