Is That How it Ends?

Finally, the judge said, “Mr. Madoff, tell me what you did.”
Mr. Madoff began: “Your honor, for many years up until my arrest on Dec. 11, 2008, I operated a Ponzi scheme through the investment advisory side of my business, Bernard L. Madoff Securities L.L.C.”
Mr. Madoff’s fraud became a global scheme that ensnared hedge funds, charities and celebrities. He enticed thousands of investors, including figures like Senator Frank Lautenberg of New Jersey, the Hall of Fame pitcher Sandy Koufax and a charity run byElie Wiesel, the Nobel Peace Prize laureate.
The fraud’s collapse erased as much as $65 billion that his customers thought they had. It remains unclear how much victims will recover.
A court-appointed trustee liquidating Mr. Madoff’s business has so far been able to identify only about $1 billion in assets to satisfy claims.

Sad Day in America.