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Half of Madoff’s Clients Didn’t Lose Money
Published:
Tuesday, 22 Sep 2009 | 7:54 PM ET
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By: Associated Press
Federal prosecutors in New York say a review of most customer accounts show that about half of the customers jailed financier Bernard Madoff had when his business shut down had not lost money.
Prosecutors made the revelation as they told a judge Tuesday that there was no need to order restitution because all of Madoff’s assets will be distributed to investors anyway.
The prosecutors say a review of claims from most of the customers who had investment accounts with Madoff shows that nearly 50 percent of the active customers invested more money than they withdrew while the other 50 percent of active withdrew more than they invested.
Madoff is serving a 150-year sentence after cheating thousands of customers out of billions of dollars.
© 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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