Yes but as you didn't know it was a ponzi scheme till it all blew up, you have still lost that money. It still has to be written off.
I disagree, you might think that it is your money there, but in reality its a fictitious number... if you manage to get back your initial investment plus a little on top, you've still profited from the whole scam..
That's not what I'm saying.
While you may have profited from it overall you still had to write off the money in the fund.
As an example if you invested $100,000 in it originally and received $150,000 in dividend payments over the years you are $50k up on your original investment, which is what you are saying, but that original $100k that is still invested in the fund is still your money and on your books which you have to write off as a loss when the fund blew up.
Also how many people were re-investing the d/e's? If they were they lost the lot.
That's not what I'm saying.
While you may have profited from it overall you still had to write off the money in the fund.
As an example if you invested $100,000 in it originally and received $150,000 in dividend payments over the years you are $50k up on your original investment, which is what you are saying, but that original $100k that is still invested in the fund is still your money and on your books which you have to write off as a loss when the fund blew up.
Also how many people were re-investing the d/e's? If they were they lost the lot.
Here's some more Made Off TM news.
Madoff's billionaire friend found dead in pool
October 26, 2009 - 10:21AM
Palm Beach billionaire Jeffry Picower, described as the biggest beneficiary of Bernard Madoff's fraud, died on Sunday after he was found at the bottom of the pool at his mansion home, police said.
Emergency services were called to the oceanside home after Picower, 67, was pulled from the pool by his wife and a housekeeper, and he was later pronounced dead, the Palm Beach Post reported quoting police and Fire Rescue officials.
The trustee in the Madoff fraud case had said in court documents late last month that Picower, newly listed as one of the 400 wealthiest Americans by Forbes magazine, was complicit in the fraud. He was being sued for $US7.2 billion ($8 billion).
hmm. suicide or murder?
Jono, I'd be looking for sneaker tread marks on his head but forensic science is not my field.
Ponzi king Bernard Madoff said he wished "they caught me six years ago, eight years ago" during a jailhouse interview with the Securities and Exchange Commission earlier this year, according to official documents released yesterday.
In candid remarks behind bars, the mega-fraudster said "he was 'worried every time' he was examined or investigated by the SEC, and that 'it was a nightmare for me' because 'it was very basic stuff.' "
During the June 17 sit-downs with SEC Inspector General David Kotz, Madoff said he was "astonished" at the ineptitude of a 2006 probe into his compliance practices.
http://www.news.com.au/business/pon...a-hero-in-prison/story-e6frfm1i-1225876787813Ponzi fraudster Bernard Madoff "a hero" in prison
PONZI schemer Bernard Madoff, serving a 150-year sentence for masterminding Wall Street's biggest fraud, has total contempt for his victims and is considered a hero by his fellow inmates, New York Magazine said overnight.
In a profile of the 72-year-old fraudster, a year into his sentence at Butner Federal prison, in North Carolina in the US, New York Magazine said Madoff's feelings for the people he scammed were overheard one day when he said: "F*** my victims. I carried them for 20 years, and now I'm doing 150 years."
The magazine said Madoff enjoyed celebrity status from the moment he arrived at the penitentiary under security escort complete with circling helicopters and a bevy of reporters.
He has made friends in prison with the likes of Colombo crime family boss Carmine Persico, with whom he takes long walks during recess.
The Madoff Tapes
One evening, my home phone rang. “You have a collect call from Bernard Madoff, an inmate at a federal prison,” a recording announced. And there he was.
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