Results tagged “madoffvictims”

First, he was making friends with the gay inmates. Next, he's got into a fight with another old inmate. Now, in the latest installment from the unofficial Post series "The Prison Life and Times of Bernard Madoff," we learn that the Ponzi king "now shares a cell with a 21-year-old inmate convicted of drug crimes...sleeps in the lower bunk and he eats pizza cooked by an inmate convicted of child molestation" and his "recreation consists of walking around the prison track at night."

While Bernie is busy making new friends in federal prison, the U.S. Marshals have announced that the deal on Madoff's Montauk home is officially closed. And the final selling price is $650,000 over the asking price! The $9.4 million deal was made back in September, but the Government was not allowed to reveal the final selling price until after the deal closed. Pamela Liebman, Corcoran CEO, told ABC News "Buyers were extremely enthusiastic about the location of the house and its potential and not at all put off by the fact that it was Bernie Madoff's house." Because really, look at that view!

The tangled web of Bernard Madoff's Ponzi scheme has prompted some of his victims to ask a federal bankruptcy judge to recalculate their losses. The NY Times reports, "The customers say that, by law, they should be given credit for the full value of the securities shown on the last account statements they received before Mr. Madoff’s arrest in mid-December, even though they were bogus and none of the trades were ever made"—which means $64 billion would be at stake. However, "trustee, Irving H. Picard, is calculating investor losses as the difference between the total amount a customer paid into the scheme and the total amount withdrawn before it collapsed." The plaintiffs' lawyer says, "Under the trustee’s approach, thousands of people will not get a dime. That doesn’t seem fair to me." The next question is, should some plaintiffs have been suspicious of the ridiculously high returns (46%, 950%)? Cue up this December 2008 quote from a victim: "The point with him was that I always got every document. If you get all the documents, you are not suspicious."