Another Madoff Heads to Jail as Victims Suffer
Victims of Bernard Madoff’s massive Ponzi scheme continue to look for justice, even while coping with the loss of their investments, as noted in a recent Fox News article.
The fraud committed by the Madoff family investment firm lost thousands of investors a total of $20 billion, and some of the victims are now fighting for financial survival. "All of this was preventable if only one person was willing to do the right thing and stop this [the Madoff fraud] in its tracks years ago,” said Michael De Vita, a bilked investor.
De Vita spoke in a New York court during the sentencing last month of Peter Madoff, the younger brother of Bernard Madoff, and the firm’s compliance officer. Forty ex-clients submitted victim impact statements for Peter Madoff’s sentencing. One of them, Amy Luria Nissenbaum, told the court that her home was in foreclosure. She said on some days it’s a struggle to "clothe and feed my children."
Peter Madoff received a 10-year sentence for conspiracy, and falsifying the books and records of an investment adviser. Bernard Madoff is currently serving a prison sentence of 150 years.
The presiding U.S. district court judge dismissed as “frankly not believable” Peter Madoff’s claim that he was unaware of the massive fraud ongoing in his family’s firm. The judge also noted the scope of the damage the Madoff scam has inflicted overall. "Trust in financial institutions, thousands of individual lives and numerous charitable organizations have been blown apart,” noted the judge.
Certainly, the Madoff case’s massive scale makes it exceptional among fraud scams. However, smaller instances of investment fraud are no less devastating to their victims. If you or a loved one has been a victim of securities fraud, call Sokolove Law today for a free legal consultation about a securities lawsuit.