Madoff Victims Reeling after Financial Fraud is Disclosed
Investors who trusted prominent Wall Street trader Bernard Madoff with their hard-earned savings are reeling from the news that he allegedly bilked them out of $50 billion through a fraudulent Ponzi scheme.
Madoff’s victims include not only banks and hedge funds but also individuals and a variety of charitable foundations such as one founded by Holocaust survivor Elie Wiesel and another started by famed Hollywood director Stephen Spielberg, Bloomberg News reports.
Madoff, the former chairman of the Nasdaq Stock Market, was arrested last week by agents with the U.S. Federal Bureau of Investigation and charged by federal prosecutors with one count of fraud. The Securities and Exchange Commission filed separate civil charges against 70-year-old Madoff.
This week, a federal judge ordered the U.S. operation of Bernard L. Madoff Investment Securities LLC to be liquidated. A court-appointed trustee will seize any remaining assets and attempt to return it to investors.
But it is already clear that there won’t be nearly enough to reimburse investors. As a result, many are facing crippling losses.
Carey & Danis pursues numerous securities fraud cases on behalf of defrauded individual and institutional investors. Investors who wish to discuss their rights against Madoff Investment Securities may contact Carey & Danis toll-free at 800-721-2519 or fill out our online contact form.
