According the Associated Press, Federal prosecutors said Tuesday that about half of the victims of Bernard Madoff had no net loss because they withdrew at least as much from their accounts as they had invested.
And while $60 billion is the number that has been thrown around as the total size of Madoff’s scheme, prosecutors are saying that the total net loss to victims is closer to $13 billion.
The feds so far have recovered about $1 billion to redistribute to victims.
(I have my take on this, whch I will share in the weekly Fundermentalist emai, which will come out tomrorow afternoon. Sign up here for free.)
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