Madoff’s Victims Speak Out
Veterans, widowers, parents, the elderly and the sick. They are hardworking people who believed in living within their means, saving for a rainy day and putting money aside for their grandchildren’s college tuition. From across the country, victims of Bernard Madoff’s $65 billion Ponzi scheme wrote in painful detail of their hardship and losses as they implored U.S. District Judge Denny Chin to give Madoff the maximum prison time allowed by law, 150 years, at his June 29 sentencing.
In their own voices, some of the victims wrote of losing their homes, having to go on food stamps or needing to go back to work, despite being in their late 60s, to make ends meet. Many of his victims said they were shocked by the news that they were broke. Then as the slow realization set in, they found themselves questioning their faith in humanity and coping with the emotional and physical pain that the financial upheaval has wrought.
Despite the pervasive assumption that those who invested with Madoff were celebrities, the wealthy and well connected, the messages released by the court illustrate that many of Madoff’s clients had been ordinary Americans. They had trusted him or their financial advisers with their life savings, and they asked why the Securities and Exchange Commission had not saved them from the massive fraud.
Madoff surrendered to authorities last December and pleaded guilty in March to 11 criminal charges in connection with the scheme. What follows are excerpts from some of the 113 statements written by Madoff’s victims. –Alison Cies
Our parents didn’t, and don’t, deserve to lose everything they saved for over the decades, and they don’t deserve to have to say goodbye to their safe, unflashy home. They never harmed anybody.… Bernard Madoff lied to, and thus stole from, my parents ON A WEEKLY BASIS, with every weekly packet of confirmation slips that he sent out. That means that he lied to them, and stole from them, 52 separate times in a single year. And, because they invested with him approximately two decades ago, that means that Bernard Madoff lied to them, and stole from them, 1,040 separate times. He deserves to stay in prison for at least that many years.
Abby Frucht
Wisconsin
I am an 80-year-old man in poor health whose remaining years have been totally devastated by Bernie Madoff. My wife and I have lost every dollar of our life savings in Madoff’s fraud scheme with no hope of recovery. We have had to sell every asset that we own in order to survive, and we don’t know how long the proceeds will last. I cannot begin to describe to you the toll that Madoff’s actions have taken on us financially, physically and emotionally…. Mr. Madoff is a ruthless and unscrupulous man with no conscience or remorse.
Leonard Forrest
Port Saint Lucie, Fla.
I have personally been in contact with several victims, most of whom have lost their entire life savings. None of these people had millions of dollars invested. They were, for the most part, humble, hardworking individuals who invested prudently and diligently to provide for their retirement. I am one of those people…. I had never heard of Bernard Madoff prior to his highly publicized arrest on December 11, 2008. And I realized only after receiving Michael Sullivan’s letter on December 20 that my entire life savings had probably been lost. I am 52 years old and once had hopes of retiring with modest means. That possibility has disappeared…. Due to his egregious deeds, Mr. Madoff deserves no better than to live under a bridge in a cardboard box, scavenging for his food and clothing, living the existence which he has undoubtedly relegated some unfortunate victims to.
Robert G. Mick
I recently read a report that Mr. Madoff has hired a jailhouse consultant who is supposed to teach him how to put his best face forward during the sentencing phase. Please be aware that he (or his wife) is using our money, that belonging to the victims, to pay that consultant. This is just one more slap in the face and once again demonstrates total disdain for the victims of his massive fraud.
Michael De Vita
Chalfont, Pa.
We have a 16-year-old daughter. We took her to New York three years ago to meet Bernie Madoff. He had the gall to shake her hand as we thanked him for taking such good care of our money — her college money — and all of our extended family’s money. He robbed us not only of our money, but of our faith in humanity, and in the systems in place that were supposed to protect us. Please remember his victims. Sentence this monster Madoff to the most severe punishment within your abilities. Madoff is a serial criminal.
Randy Baird
We trusted the SEC to protect us, and they failed us. At this point, we really feel like we cannot trust anyone…. I am hoping that the judicial system does not fail us, as well.
Sheila Ennis
Manhattan Beach, Calif.
Twenty-one years ago my husband invested our life savings with Bernard Madoff. He died from a heart attack two weeks later. Shortly after I buried my husband, I met with Bernard Madoff. He appeared to be a genuine, kind man. He put his arm around my shoulder and assured me that my money was safe and I should not worry. I have to admit that I was not sophisticated in investing or finance and I trusted this kindly man…. Look at the faces of the people in the courtroom; they are a small representation of the thousands that he has destroyed. Please keep all of us in your mind when you decide the fate of this heartless human being.
Norma Hill
Armonk, N.Y.
I am opening up my family’s financial status to anyone who wants to see it, which is incredibly humbling and humiliating after years of hard work and major philanthropy. My family’s name can be seen on buildings for the Albert Einstein College of Medicine, the Hebrew Home for the Aged and the Hebrew University in Jerusalem…. Mr. Madoff seems to have done all he could to protect his family, while now I have lost almost everything I have to protect mine…. I had to pretend to smile when my 10-year-old daughter was around, and try not to reveal the fear that I was living with…. What gave him the right to do this to us?! He knows everything. He knows where the money is and who else is involved and is not talking, thus he shows no remorse for what he has done. For this alone, he deserves the maximum sentence. Combine that with how much suffering he has caused his investors, and it’s a slam dunk.
Caren Low
Harrison, N.Y.
Bernard Madoff did not come forward because he felt regret for his actions. He came forward because he knew he could not continue his fraud. He came forward in his own calculating way to keep the damage at a minimum for himself and his family. While he was sitting in his penthouse apartment, waiting for a hearing with his upscale lawyer and his legal team to minimize the prison time, my husband and I had to put our house up for sale, scramble to pay our bills and try not to go bankrupt…. We cannot afford a lawyer to help us.
Florence and Richard Roth
Jupiter, Fla.
Not wealthy, I am not the typical media portrayal of a Bernard Madoff victim. I live in a modest two-bedroom house, and I own one car. I was a small business owner and I worked six days a week for most of my life and funded my own IRA in order to retire comfortably. Now I am considered under the poverty level, and I do not think I can last another six months in my home…. The impact of this crime is far-reaching, and Bernard Madoff must be severely punished for a crime of this magnitude. Please take into account that Mr. Madoff stole not only money, but lives, dreams, futures and security.
Angelo Viola
Staten Island, N.Y.
Mr. Madoff has not cooperated with any law enforcement entities to unravel his decades-old crimes. He has not cooperated in identifying other accomplices, and essentially he took the easy way out by pleading guilty, thus avoiding any cross-examination and the thorough investigation of the facts which a trial would have necessitated…. I feel I have been economically raped. Mr. Madoff has not only stolen my money; he has stolen my lifestyle and my family’s lifestyle. I recognize I will never be able to earn what Madoff stole from me, my wife and our children, and we, as a result, are sentenced to living a life devoid of our life savings and the security and comfort that provided to us…. While the popular perception has been that the victims were primarily very wealthy Jews, the reality is that most of the victims were your neighbor next door, hardworking, middle-class, tax-paying citizens. Madoff didn’t discriminate, as long as the money was green; he took it for his own benefit.
Richard Shapiro
Hidden Hills, Calif.
I am 76 years old. I have served my country in the Korean War and have been a good tax-paying citizen. I was recommended to Madoff in 1997. I had two other investment counselors, but Madoff outperformed them every year (or so I thought), and I moved all of my money (it was in an IRA) to Madoff. I am now destitute. We had to sell our home in upstate New York at a very reduced price to avoid foreclosure. We are now living in one room in my daughter’s house in California. I cannot pay my long-term health insurance. I had to give up my car, and we are applying for food stamps. Our lives are a nightmare.
Allan Goldstein
Woodland Hills, Calif.
My husband is 92 and I am 87 years of age, and the distress and misery and anguish his vile acts have caused deserve a severe sentence. If I could, I would charge him with heartbreak, sadness and tears.
Shirley Stone
Patricia Brown
Danbury, Conn.
I am a widow of 81 years old. My husband and I invested our money for 20 years so we would have a worry-free retirement…. My husband passed away on April 8 after a long battle with cancer. In December, I found out that Madoff stole all of my money — I am broke — robbed by “The Madoff Gang.” Now I find that I was also robbed by my government. My husband and I paid taxes for years, and it is unlikely that I will ever get that back. Not only did Madoff steal money, but he caused the government to steal also…. Madoff victims have been portrayed in the media as wealthy and privileged individuals. Nothing could be further from the truth. Many Madoff victims are elderly individuals or retirees who were saving for the future and had the misfortune to believe in a powerful Wall Street insider who was repeatedly investigated and given a clean bill of health by a government watchdog agency named the SEC.
Emma De Vita
Chalfont, Pa.
Compiled by Alison Cies. Contact her at cies@forward.com
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I am within 2 months of 75, and my wife for almost 52 years is 70. We have trusted our life savings which included our retirment plan assets with Madoff.
Although our home is secure through the generosity of a young couple we are proud to call our friends, we are existing on our social security and the generosity of our many friends all of whom invite us to dinner a few times each month.
Our children have lost money having invested through our family partnership, and our grandchildren have lost all the money intended for higher education
While I have sympathy for the victims of this hideous act, I wonder why there is so much reflection now, and why there was so little before. Have we lost our way? How can we be a light to nations when we behave like this? And then there are the Palestinians. Clearly each act has a consequence.
Did anyone think of diversifying or for that matter looking into this guy when you were investinmg with him.I'm sorry you lost money but if looks to good to be true it is.
I have nothing but deep sympathy for those who have had their lives smashed by Madoff.
No matter what some folks say, it is almost impossible perceive a fraudulent personality under the guise of a warmhearted, friendly individual. I have new respect for my father of blessed memory who I always thought was too skeptical and cautious. Some of it rubbed off on me and for that I'm eternally grateful.
I remain incredulous that anyone would intrust their entire fortune to any one money manager. It is wildly stupid to give any money to some Wall Street speculator without using a third party custodial account. If you can't figure it out, GET OUT. This is a P.T. Barnum & W.C. Fields soap opera, "It is immoral to let a fool keep his money" and "Never give a sucker and even break".
I have no idea why the above posted twice.
Mr. Moses, good for your father. Skepticism and caution pay far higher dividends than Wall Street speculators. Do not even trust your grandmother with all your money.
madoff offered people a free lunch: and we all know about those.
you say that the people that invested with madoff became poor but i read that the goverment insured each investor up to 500 thousand dollars to return to them please explain thank you j max
I feel sorry for Maddoff. For many years he did a lot of good. And then all of those people wanted him to make more money for them. Begging him to take their money. All of them wanted something for nothing - high returns for zero effort. No wonder he broke, he could not disappoint them, but could not satisfy all of them. I would expect more compassion from the Jews, since they still have their lives and health. Generation of my parents lost everything in the holocaust, but I did not hear them to be that hateful even towards Nazis.
The day he dies, Gd will ask him, You Jewish man, what was your Torah and Jewish values commitment ?, You are a shame for all the Jews of the World
IT'S A TERRIBLE THING FOR THE SPIRIT OF GREED TO BE LET IN BY ANY ONE OF US, VOLUNTARILY. THE SCAM WAS WELL THOUGHT UP, BUT SUDDENLY PERSONAL WEALTH BECAME MORE IMPORTANT. THE WEALTH OF THIS WICKED IS LAID UP, AND IT'S SPREAD OUT, AND IT'S IN HIDDEN PLACES. THIS WAS A SET UP OF HOLLYWOOD PROPORTIONS. THE SIGHT OF MORE SEEMS TO HAVE GOTTEN INTO MORE THAN A FEW EYES. MAY YOUR GOD GIVE YOU PEACE, BECAUSE I KNOW HE PROVIDES FOR YOU. HE'S EVEN GIVEN THE GOVERNMENT TO SUPPORT YOUR EFFORTS FOR THE RETURN OF YOUR MONEY. THANK HIM, FOR EVERYONE IS NOT SO FORTUNATE.
This tragedy is now a double tragedy -- blaming the victims? You should be ashamed. This is the problem with our society -- everyone always blames the victim, never the aggressor.
Anyway, what's wrong with investing? You put your money somewhere and get interest. It's normal. Except in this case it didn't work out because not only was Madoff a thief, but the SEC must have been complicitous in this scheme. Remember, that many of the victims were not even aware that they were invested with Madoff because the feeders 'neglected' to inform them.
So, lay off, and try to help these guys out in their time of need. They need all the moral support and any other support they can get now.
I am not Jewish, but all my life people have thought that I am.I had a last name that could be.. I think my father is, but being 87 and from Austria with parents who left in the early 30s..he denies that he is..I always had people say look at your father you can tell he is Jewish..I would be proud if he is ..my daughter is engaged to a nice young man who is Jewish...my grand childen may be brought up as Jews..I don't care..but I do care about the stupid remarks I hear from my waspie friends about Jews and it is people like Bernie and Ruth and their sons which do not help ..I hope that they rot in jail, because they will rot in hell..for the pain that they have not only caused their victims, but the Jewish community around the world!
In Chelem it is called Good Old Fashion Capitalism. The Robber Barrons are alive and well.
I feel very sorry for most of the victims but wonder if the fund was paying 10% a year and some people had alot of money in the fund for 20 years then they are ahead even with the loss of their accounts. Most americans lost 40% of their stock investments last year and no one is reimpursing them.
Let me first say that I feel awful for all of those whose lives have been destroyed by Madoff. However, I must ask this question, why didn't these people ask if Madoff was a fiduciary?
Many people feel that the people who were robbed felt for so long that they had the inside track on huge profits that the average person was unable to achieve. You were "In the Club" so to speak. With that attitude nobody thought of how the rest of the "little people" could come in on the action. You didn't care if we could. Now however, you want us to care about your losses? Like I said, I feel bad but just like the rich guy that was on Howard Stern. Stern asked if he invested with Madoff and he said, "No, I had my accountants look over his pitch and they just couldn't figure out how he could guarantee the kinds of returns he was promising - so I said no."
If it is too good to be true then it is! The woman below, Barbara said "What is wrong with investing?" Nothing, if you know that 1)The money is in a third party holding like LPL Financial 2) How are you getting the much larger percentage of gains that the "little people" are shut out of.
Once again sorry but people, especially educated people should have known better.
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