Susan Li: Bernie Madoff’s story will go down in history as a cautionary tale
FOX Business’ Susan Li gives details on Bernie Madoff.
The death of Ponzi scheme mastermind Bernie Madoff may bring a "touch of closure" to victims who collectively lost billions of dollars to the former investor, according to Pulitzer Prize-winning journalist Diana B. Henriques.
The 82-year-old, who died due to natural causes Wednesday, was initially sentenced to serve 150 years in 2009 after he defrauded as many as 37,000 people in 136 countries out of up to $65 billion starting in the early 1970s.
"Madoff's death will not have any legal or monetary impact on his victims, who are relying on the bankruptcy court and the Justice Department for a share of the recovered assets collected for them," Henriques, financial writer and bestselling author of "The Wizard of Lies: Bernie Madoff and the Death of Trust," told FOX Business in a statement. "Those recoveries, which are still underway, are limited to the eligible victims' original investment with Madoff, with no earnings or profits."
BERNIE MADOFF, MASTERMIND OF VAST PONZI SCHEME, DIES IN FEDERAL PRISON AT AGE 82
Henriques continued: "A lot of Madoff's investors are not entitled to that recovery, because they invested indirectly, through hedge funds or other outside accounts. But for those eligible investors who lost most of what they had in this epic fraud, it has been an historic recovery."
She added that Madoff's death may "bring a touch of closure for all of the victims of his crime, people who have been working to rebuild their trust in their own lives in the wake of his devastating fraud."