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The Madoff Fraud:Scam of the Century
Union IBEW 1249 Hit in Madoff fraud

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EAST SYRACUSE, NEW YORK (WSYR-TV)-The list is growing on the number of unions affected by the Bernie Madoff scam. Members of the International Brotherhood of Electrical Workers local 1249 are trying to cope with the huge financial loss that Bernie Madoff has left them with. Madoff is said to have swindled billions of dollars from investors promising high returns. His scheme is totaled at about $50 billion dollars. Of those caught up in the mess were a number of local unions who had millions invested with the once-highly trusted Wall Street man. IBEW Local 1249 is the most recent union that Newschannel 9 has learned of. Members received a letter Friday telling them "a great deal of money was lost due to the Madoff fraud. However, there is still $30 million left in the pension fund." To make up the difference, the union plans on making its members contribute more to keep providing benefits. We were unable to get in touch any officers from the union to find out just how much it lost. The union also took another hit in its insurance fund which takes care of their medical, going from three years of reserves in the fund down to one. Copyright 2009 Newport Television LLC All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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