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Among those found on Madoff’s client list are such famous personalities as baseball legend Sandy Koufax and the owner of the New York Mets, Fred Wilpon, as well as former Met player Timothy Teufel.
Organizations also invested with Madoff and as a result became victims of this ponzi scheme. Among these entities are Colombia University, Coney Island Baseball, Sterling Equities, and the New York Met’s Foundation among others.
Of course the victims of Madoff’s ponzi scheme were not limited to sports, various actors and singers are also included on the list. Celebrities such as: Ringo Starr, Barbara Bach, and members of the Kissinger family are also present.
Ponzi schemes are a business model in which existing investors are paid not by making a profit but by getting money from new investors. No real liquidity exists; money is simply reorganized within the organization. This particular ponzi scheme extracted over $50 billion in illicit funds from Madoff’s clients.
According to the Guardian, the Madoff scandal broke in mid-December, when the 70-year old veteran investor apparently told his family that his empire was "all one big lie". Since being charged, Madoff has avoided attempts to put him in jail ahead of his trial, and he has taken to wearing a bullet-proof vest.
The amount each person or institution invested with Madoff isn't listed in Madoff's client list report. The complete list of Bernie Madoff’s clients and investors can be seen here.
By: Alberto Ramos Cordero
Posted February 5th, 2009 by Alberto
