Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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From: KyrosL	2/2/2010 2:11:00 PM
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Madoff update: most Madoff investors made money ... As with most Ponzi schemes the Madoff losers were his last investors: all those hedge fund investors that invested during the last 4 or 5 years with Madoff, and allowed the earlier investors to escape with at least their original investment... "... According to the trustee's "cash in/cash out" method of compensating investors, if investors withdrew less cash from their Madoff accounts than they deposited, making them "net losers," they are eligible for a proportionate cut of trustee's recoveries. As of October 2009, the latest month for which data are available, the trustee identified 2,335 Madoff accounts that had a net loss. Under the same plan, if investors are so-called net winners, meaning they withdrew funds above and beyond what they invested with Mr. Madoff, they get nothing. The trustee, lawyer Irving Picard, said 2,568 Madoff accounts had a net gain..." online.wsj.com

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