Bernie Madoff: Difference between revisions

Although Madoff filed a report with the SEC in 2008 stating that his advisory business had only 11–25 clients and about $17.1 billion in assets,<ref>{{cite news | url = http://www.cnn.com/2008/BUSINESS/12/15/madoff.arrest.exposure/index.html | publisher = [[CNN]] | title = Banks face huge losses from $50B ‘scam’|date=December 15, 2008}}</ref> dozens of investors have reported losses, and Madoff estimated the fraud at $50 billion. According to Bloomberg, “in all, companies, individuals and foundations have disclosed about $24 billion of investments with Madoff.”<ref name="Update5">{{cite news | last =Scheer | first =David | coauthors =David Glovin | title =Madoff Said to Use Unregistered Side-Unit for Clients (Update5) | work =[[Bloomberg.com]] | date =December 15, 2008 | url =http://www.bloomberg.com/apps/news?pid=20601102&sid=aXWbLI1zC.Oo&refer=uk | accessdate =December 15, 2008}}</ref> Those affected include banks, Wall Street investors, charities, as well as individuals. On February 4, 2009, federal courts in New York released a 162-page list of Madoff clients, with thousands of names on the list.<ref>[http://finance.yahoo.com/news/NY-court-document-reveals-apf-14260542.html "Nadoff Client List Released", Associated Press via Yahoo News (February 5, 2009)]</ref>