It is both impressing and repulsive at the same time to see how widespread this ponzi scheme reaches, a ponzi scheme constructed by a seemingly tactful and considerate character. A man, who started out as a bookkeeper before he became the non-executive chairman of Nasdaq. Now 71 year old Bernard Madoff took the money from anybody, and yet so selectively, ranging from private investors who invested all their savings, celebrities like Kevin Bacon, all the way to Jewish philantropic organizations and multinational banks. Also in Switzerland it is said that around 8.8bn invested by firms were lost, in the country managing a quarter of the world’s private wealth many were invested either directly or indirectly through funds of funds with Madoff. Madoff didn’t even make halt from taking from its employees by stealing from employee benefit plans.

Since Madoff admitted to his sons on Dec 11 , 2008, that everything was a lie, Mrs Madoff and the two sons were not charged with any wrongdoing. Madoff’s wife can still keep 2.5mio US dollars, after giving up gave up more than 80mio, which she claimed was here own. Also, the properties had to be given up, as well as the Manhatten penthouse valued at $7mio and 8 other properties, among them the 3mio beach front estate in New York, as well as the $7mio dollar home in Palm Beach Florida. It looks like it is no more $1200 a month gym membership for Ruth Madoff according to cncb’s “Scam of the Century”.

There are probably more victims out there than currently known, since many victims prefer to be quiet as they might not have reported all their money to the tax authorities, or they fear that the clawback laws will lead them to lose even more money. Generally, the clawback rule says that if an investor or a fund took out profits in the last six years they have to be returned. How this will be practically implemented remains to be seen. For the other investors there is still some hope coming from the security Securities Investor Protection Corporation, which may refund up to 500k to the victim eventually.

The maximum sentencing of 150 years for the sociopath who defrauded billions from investors has probably brought some peace of mind to the victims as the judge rejected Madoff’s plea for leniency . He has been brought to the federal prison in North Carolina, a medium-security facility, together with gang members and drug dealers. It wouldn’t be a surprise to hear of aggressions against Madoff from inmates who were struggling in their life financially being at the lower end of the social ladder and may feel envy towards Madoff”s former lifestyle. Some might even try to extort money from him as they believe he has still money hidden somewhere.

Madoff”s accountant David Friehling has been charged in this case because of not doing simple auditing checks which would have uncovered the fraud, ongoing investigations will unravel who is next to end up in prison as a result of the biggest ponzi scheme ever.