A federal appeals court ruled Tuesday that victims of financial swindler Bernie Madoff are not entitled to recoup more money than they actually put into the Ponzi scheme.
A trustee has been working to calculate investors’ actual losses.
Victims have argued they should receive more than they invested, because they made their financial decisions based on the fake statements Madoff was sending them.
Investigators say records indicate that around $17 billion was actually invested in his fund.
They also say Madoff led his victims to believe that number had ballooned to as much as $65 billion.
(Source: NY1)
Join the official YWN WhatsApp status
3 Responses
Another loss for the Mets
So in turn, let’s reduce his jail sentence from 150 years for the 65 billion he supposedly stole to 39 years for tha 17 billion he actually stole.
And since they will recoup about half of the 17 billion, his jail time should be further reduced to 20 years.
With time already served, and being a model prisoner, Madoff should request early release.
The government should give back all of the taxes people paid on the profits.