Photographers waiting outside the entrance to the apartment block where Bernard Madoff was under house arrest. Red Carlisle via flickr
According to estimates of US law enforcement agencies, the collapse of Madoff’s speculation burned $ 20 billion of investment. At that, the victims are asking to return only $ 17.5 billion.
Among the clients of the fraud were businessmen leaving from taxation, drug barons launder their income, and diluted billionaires trying to hide part of the state from their angry ex-wives. It is clear that this audience does not want to attract attention of the authorities once again.
US authorities tracked almost half of the difference, that is $ 1.2 billion, down to two hedge funds located in the Caribbean. However, the companies very quickly admitted their losses and refused to sue, although they would try to recover a substantial sum. The conclusion is clear: unraveling of the coil during investigation would reveal details of these companies’ activities, what would result in a loss substantially greater than $ 1.2 billion.
The remaining $ 1.3 billion simply vanished into thin air. Suspicious person mentioned in the beginning decided to stay in shadow. What's the point? According to lawyers, the victims of Madoff will manage to return 57 cents on a dollar only in the best case. In the worst - just 4-5 cents.
$ 9.2 billion of $ 20 billion are returned at the moment. Mostly, only those who directly spoke with Bernard Madoff could see their money again. The ingenious conman organized several side-funds to confuse traces, and tens of thousands of customers are still awaiting return of at least a small part of their investments.
Honest citizens, who considered Madoff’s firm a simply successful investment fund, absence of drug lords, shady businessmen, divorced billionaire and hedgers of questionable offshores is exceptionally good news. Law firm Picard, entrusted to rake the rubble after the collapse of the largest scheme, says: thanks to the released funds, some investors will get back 100 cents on the dollar, that is, all their money.
source: bloomberg.com
Among the clients of the fraud were businessmen leaving from taxation, drug barons launder their income, and diluted billionaires trying to hide part of the state from their angry ex-wives. It is clear that this audience does not want to attract attention of the authorities once again.
US authorities tracked almost half of the difference, that is $ 1.2 billion, down to two hedge funds located in the Caribbean. However, the companies very quickly admitted their losses and refused to sue, although they would try to recover a substantial sum. The conclusion is clear: unraveling of the coil during investigation would reveal details of these companies’ activities, what would result in a loss substantially greater than $ 1.2 billion.
The remaining $ 1.3 billion simply vanished into thin air. Suspicious person mentioned in the beginning decided to stay in shadow. What's the point? According to lawyers, the victims of Madoff will manage to return 57 cents on a dollar only in the best case. In the worst - just 4-5 cents.
$ 9.2 billion of $ 20 billion are returned at the moment. Mostly, only those who directly spoke with Bernard Madoff could see their money again. The ingenious conman organized several side-funds to confuse traces, and tens of thousands of customers are still awaiting return of at least a small part of their investments.
Honest citizens, who considered Madoff’s firm a simply successful investment fund, absence of drug lords, shady businessmen, divorced billionaire and hedgers of questionable offshores is exceptionally good news. Law firm Picard, entrusted to rake the rubble after the collapse of the largest scheme, says: thanks to the released funds, some investors will get back 100 cents on the dollar, that is, all their money.
source: bloomberg.com