Rich investors 'wiped out' by Wall Street fraud
Some victims of Wall Street's biggest fraud – planned and carried out over decades by one of its most respected figures – are as yet unaware that their entire savings have been wiped out, financial experts in New York said yesterday. Such is the extent of Bernard Madoff's alleged $50bn (£34bn) swindle, and so convoluted its paper trail of derivatives, that this weekend there will be Americans under the impression they are rich who are oblivious that their wealth had been placed in Mr Madoff's apparently criminal hands, and is therefore now lost.
Enough details of the fallout were emerging yesterday to begin to judge the mayhem this one-time chairman of Nasdaq, and Democratic Party and Jewish charity benefactor, has wreaked. Those likely to have lost everything include a Jewish charity that had its $7m assets lodged with
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