Bernie Madoff Dead

[CascadeClone]

Unless I am mistaken, you would only pay taxes on the gains when you sold. So if you sold under his fund and made a profit, you technically walked away with more money than when you started. It's just that the money came from other investors.

If held in a taxable acct, you pay on dividend income even if it is not withdrawn but only used to buy more shares.

Also, i read that gvmt is trying to claw back money from people who sold before it went bust. Imagine losing some money, and now having to give more back.

 

[usedcarguy]

The guy that made what Ponzi did look like child's play. They should rename Ponzi Scheme Madoff Scheme.

 

[2122]

His kid killed himself because of him.

There were at least 3 suicides stemming from Madoff's criminality, including Mark Madoff's ( he succeeded on third try, hanging himself with his dog's leash). B. Madoff got the living hell he deserved. When he announced his fraud to his sons, telling them he'd turn himself in in two days, they went straight to the FBI. Neither ever spoke with their father again. That had to hurt. And his wife never visited him again in prison after Mark killed himself. That had to hurt. His five grandkids had all changed their last names. That had to hurt.

Bernie Madoff Has Died in Prison

His fraud destroyed thousands of lives, including those of his wife and sons. Here, a look inside the steep rise and tragic fall of the Madoff family.

www.townandcountrymag.com

 

[urb1]

I just read he never even made any trades. Just sent falsified statements to everyone each month.

 

[SCNCY]

I just read he never even made any trades. Just sent falsified statements to everyone each month.

That's just mind boggling that you have a bunch of staff (not sure how much staff he actually had) in New York and nobody realized that no trades were being made.

 

[2122]

Q: What was Madoff's yacht, docked in the south of France, christened?
A: Bull. As in bull market. Also as in bullsh*t.