The victims of his fraud, some of them went from comfortable wealth to crazy despair overnight, and thousands of people were scattered in Palm Beach and the Persian Gulf in Florida. The book losses totaled $64.8 billion, including fictitious profits that he had credited to client accounts for at least two decades.
The money lost was exceeded. At least two people were desperate for their loss, and they died by suicide. A major Madoff investor suffered a fatal heart attack after months of litigation regarding his role in the plan. Some investors have lost their homes. Others have lost the trust and friendship of relatives and friends who inadvertently turned to hurt ways.
In June 2012, Bernard Madoff’s brother Peter was trained to become a lawyer, and he admitted to federal tax and securities fraud charges related to his role as chief compliance officer at his brother’s company , But he has not been accused of deliberately participating in a Ponzi scheme. Program.
In December 2012, Peter Madoff confiscated all his personal property to the government to compensate his brother’s victims; he was sentenced to ten years in prison. On September 3, 2014, Madoff’s youngest son Andrew died of cancer at the age of 48. He blamed the pressure of the scandal on his fight against cancer recurrence in 2003.
In addition to casualties, professional reputation has also been damaged. More than a dozen well-known hedge funds and fund managers, including J. Ezra Merkin and Fairfield Greenwich Group, have to admit that they have transferred their clients’ money to Mr. Madoff, but they have not discovered that he is cheating. Swiss private bankers, global commercial banks and major accounting firms are dragged into court by clients who rely on them to monitor Madoff investments.