1 year after Madoff’s epic fraud in NYC, wiped-out investors, investigators look for answers
By Tom Hays, APThursday, December 10, 2009
1 year later, fallout from Madoff’s massive fraud
NEW YORK — Authorities say there is more aggressive enforcement of white-collar crime and stiffer sentences a year after Bernard Madoff’s arrest.
The 71-year-old Madoff is serving a 150-year sentence after shocking Wall Street and thousands of investors who entrusted billions of dollars with him in a historic Ponzi scheme. He was arrested Dec. 11, 2008.
Investigators are still looking at other possible suspects, including his family.
Lawyers say victims will likely recover only about 10 percent of the money they claim to have lost. The final tally of Madoff’s theft is unclear. A court-appointed trustee says he’s identified $21.2 billion in losses so far from 2,300 customer accounts.
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