This week marks the fifth anniversary of the arrest of bernard Madoff, mastermind that the most infamous Ponzi scheme in history.
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He was arrested top top Dec. 11, 2008 for bilking countless investors out of billions that dollars. The pleaded guilty three months later on to charges of fraud, and was sentenced to 150 year in commonwealth prison.
He"s serving his term in ~ the medium security Butner commonwealth Correctional complex in phibìc Carolina and is slated for release on Nov. 14, 2139.
The Madoff scandal has made headlines because that years, however there"s still a lot that human being don"t know around the best Ponzi system in history.
1. Just a portion of Madoff"s hundreds of victims have actually gotten every one of their audioeditorfree.com back.
Irving Picard, the court-appointed trustee in the Madoff case, has recovered more than $9.5 exchange rate of the $20 exchange rate in steal assets.
About fifty percent of the -- practically $4.9 billion -- has actually been spread to Madoff victims. In addition, the Securities Investor defense Corporation has provided $800 million in insurance to victims.
Swindled investors have actually filed 16,519 claims to Picard. So far, 1,107 have been totally reimbursed. One more 1,410 accounts space eligible because that compensation and also have been partially reimbursed.
The bulk of the insurance claims - almost 11,000 - to be rejected since they to be from "third party" investors: They had actually invested with various other financial that company that subsequently invested through Madoff. However the 3rd party investor will end up with some relief too. Critical month, the department of Justice set up a $2.35 billion audioeditorfree.com for them.
Related: Ex-Madoff aid: "I produced fake books and records"
2. Also now, nobody knows as soon as Madoff"s plan started.
No one has actually been able to prove once Madoff started stealing native investors. Madoff himself has made inconsistent claims about when the crime began. He told audioeditorfree.comaudioeditorfree.com in an interview previously this year that it all began in 1987, however he later on said the scheme started in 1992. Some reports speak Madoff"s epos crime may have started as at an early stage as the 1960s, once he began working on wall Street.
Madoff"s previous account manager, frank DiPascali, Jr., claimed in court testimony the financial misdeeds had been walking on "for as lengthy as ns remember." He began working in ~ the for sure in 1975.
3. Madoff didn"t actually steal $65 billion.
His Ponzi plan is regularly referred to together a $65 billion crime. In fact, he actually stole $20 billion in major funds that were invested through him. However, his firm generated account statements telling investors that they earned returns making them worth a total of $65 billion. So as far as the world who"d entrusted their life savings through Madoff were concerned, they yes, really did lose $65 billion. It"s simply that two-thirds of the audioeditorfree.com was a figment of Bernie"s imagination.
Related: jail exclusive with Madoff, the king of theif
4. Lawyers have actually pocketed about $800 million clean up Madoff"s mess.
Picard and his firm room tasked with tracking down Madoff"s steal assets and also redistributing them come his victims. This is a massive, worldwide undertaking, much of which has actually been outsourced to other law firms. About $823.6 million in fees and expenses have actually been paid out to attorneys because Madoff"s 2008 arrest. The lion"s re-superstructure -- $468.1 million -- checked out BakerHostetler.
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Life in jail isn"t therefore bad, stated Madoff. However he still can"t sleep.
In one interview through audioeditorfree.comaudioeditorfree.com in May, the 75-year-old fraudster said that he had actually a job making $40 a month wiping down phones and computers because that a "few hrs a day." the believes he"s well-respected by his other prisoners and also said he spends much of his time reading newspapers and novels.
Related: Defense lawyers demonize Madoff evil
he wakes up early -- 4:30 a.m. -- not due to the fact that he has actually to, but since he can"t sleep. The is haunted, he said, by the suicide of his oldest son Mark, that hanged himself on Dec. 11, 2010 -- the 2nd anniversary that his father"s arrest.
"I was responsible because that my son Mark"s death and that"s very, really difficult," that said. "I live v that."