Victims of Fraud

Sara - posted on 02/02/2010 ( 10 moms have responded )

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I was listening to the news this morning and heard a story about some of the victims of the Bernie Madoff Ponzi Scheme going to court today to try to get back some of the money they had lost. However, there was some question as to the amounts of money they should be entitled to because technically, Madoff was not a brokerage firm since he never actually traded any stock, just moved money around. Some of his victims feel they are entitled to not only what they initially invested, but also the profits they were told they were making.

Personally, I think that's a load of crap. Yes, I feel bad for people that got scammed and lost their life savings, but so many people lost so much money, how can they expect to get money that they actually never earned and really wasn't ever earned by anybody?! I would just be happy to get back my principle investment and call it a day...seems greedy to me! What do you all think?

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Michelle - posted on 02/03/2010

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I'm with you on that one, Esther. The ridiculous sums of money that these wives get is outrageous. I'm talking hundreds of thousands in child support or alimony.... millions for her because she's "used to the lifestyle?"
Pardon my french, but come the fuck on! Seriously, if that's all it takes than maybe parents should be required to continue to pay their kids' rent when they move out. I mean, the kids are used to not paying bills, right??

Ree-fucking-diculous.

*sigh*

Isobel - posted on 02/02/2010

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ahhhh...but his investments were said to be high risk weren't they? That's why they continually had such high returns...when you invest in high risk ventures, you always run the risk of losing it all.

Esther - posted on 02/02/2010

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I can kind of understand where they are coming from. The whole point of investment is to grow your money. If they had known that the money wasn't "growing" they might have taken their money out years ago and invested it elsewhere so that they would be turning a profit so to speak. There are no guarantees when it comes to investment, but they were blatently lied to and based on those lies they thought their money/investments was doing what they had intended for it to do. I agree that I would be happy to at least recover my initial investment considering the mess Madoff created, but that doesn't negate the fact that they have lost years worth of potential investment growth. And considering the economy now vs. then, they will never ever be able to make up for that.

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Esther - posted on 02/03/2010

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I also think that part of this is just legal strategy. You'll never get more than you ask for so you might as well aim high and hope you end up somewhere in the middle. As for Mrs. Madoff, I think she should be living in a studio apartment in Newark somewhere and working as a greeter at Walmart. I think it's a disgrace that they let her keep anything at all.

Rosie - posted on 02/02/2010

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i think they should get a little bit more back than they invested-some type of pain and suffering (i guess i don't know what else to call it, but i'm sure there are better words). these people would've gotten some money from their investments, at least that's what they were told, and lost that opportunity to invest in something that would've gotten them a great return. how much money-i'm not sure , but i think they are owed more than just their initial investment.

Michelle - posted on 02/02/2010

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Aaahhhhhh greed.



I see your point, Esther, and I would probably feel the same way, but when shit hits the fan and you have a possibility of coming out of this kind of situation with ANYTHING, I really feel they should just be happy with getting their initial investment back. In this economy, any money recovered is a blessing. There are people who made "good" investments who aren't even going to get that.

Isobel - posted on 02/02/2010

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I actually saw an interview with one of the investors who said "I knew the numbers were too good to be true, I knew I should've pulled out...but I just got too greedy"

Sara - posted on 02/02/2010

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That is true, Esther, but I think they need to take into account that there are many people who were part of this that won't be able to recover what they fully invested, yet they are asking for more. It just doesn't seem fair to me. And I'm sorry, but Madoff's wife was allowed to keep several million to live on, and I think that's a crock.

Lindsay - posted on 02/02/2010

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They should get back their initial investment. Yes, I can understand that it would totally suck to think you are making all this money and then find out you've been scammed. But honestly, the money they thought they "earned" never truly existed. Get back what you paid in and move on....

Sarah - posted on 02/02/2010

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Seems greedy to me too.

I think they should be glad they're getting back what they put in, and leave it at that.

Seems like people take "compensation" too far these days! :)

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