Saturday, January 03, 2009

Madoff money chase offers long road and little reward

Everyone caught up in the scandal of accused Wall Street swindler Bernard Madoff wants to know where the money is.

Madoff, who authorities say confessed to losing $50 billion in "a giant Ponzi scheme," has given a list of his assets, liabilities and property to U.S. regulators.




But the thousands duped, from the beach cities of Florida to yacht clubs of the Mediterranean to Hollywood and Manhattan, may never see it. And judging by the scandals involving Bayou Group hedge fund, WorldCom and Adelphia Communications, any money they may see down the road will likely be a fraction of what they invested.

"We have received many calls from people and everyone is saying 'where did the money go?' because he obviously didn't use it all," said Craig Stein, an attorney in Boca Raton, Florida.



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