Five years after Bernard Madoff shocked investors worldwide by calling his longtime wealth management house “one big lie,” Neal Friedman’s wife is dead and Larry Leif is suffering from prostate cancer.
Both self-made businessmen, who saw their multimillion-dollar nest eggs disappear on that fateful day in December 2008, blame the now imprisoned financier for the collateral damage that turned their once full lives into empty shells.
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Madoff by numbers
Since Bernard Madoff’s arrest in December 2008 for a $60 billion Ponzi scheme that constituted roughly $18 billion in actual losses, court-appointed trustee Irving Picard has distributed and recovered billions for his victims. Here’s what the numbers show:
Claims filed: 16,519
Claims allowed: 2,517
Claims denied: 13,626*
Total value of approved claims: $11.402 billion
Total recovered: $9.5 billion
Total distributed: $5.5 billion
Customers who lost less than $875,000: Received all their money back
Customers who lost more than $875,000: Received 43 percent back (that means someone who lost $10 million has received $4.8 million)
How much Picard’s team has made: $823.6 million
*10,921 had invested through feeder funds
Sources: Securities Investor Protection Corp.