WOLF(@WOLF_Financial):BERNIE MADOFF'S CLIENTS HAD $64.8 BILLION ON THEIR ACCOUNT STATEMENTS. MOST OF IT WAS NEVER THERE Madoff was arrested on Dec. 11, 2008. Prosecutors put the fraud at $64.8 billion, based on client account balances as of Nov. 30, 2008. Those balances were built on made-up gains. Court-appointed trustee Irving Picard estimated the money investors actually put in and lost at $17.5 billion. Madoff pleaded guilty to 11 counts in March 2009 and was sentenced to 150 years in prison. As of Oct. 23, 2026, Picard had recovered or reached agreements to recover about $15.5 billion, per the trustee's website. Customers with approved claims had been repaid at least 72.8% of them.

2026.11.12 22:30

BERNIE MADOFF'S CLIENTS HAD $64.8 BILLION ON THEIR ACCOUNT STATEMENTS. MOST OF IT WAS NEVER THERE Madoff was arrested on Dec. 11, 2008. Prosecutors put the fraud at $64.8 billion, based on client account balances as of Nov. 30, 2008. Those balances were built on made-up gains. Court-appointed trustee Irving Picard estimated the money investors actually put in and lost at $17.5 billion. Madoff pleaded guilty to 11 counts in March 2009 and was sentenced to 150 years in prison. As of Oct. 23, 2026, Picard had recovered or reached agreements to recover about $15.5 billion, per the trustee's website. Customers with approved claims had been repaid at least 72.8% of them.

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