Bernie Madoff may have emptied the accounts of hundreds of victims -- but according to the feds, only half of his "customers" lost their cash.
Bernie Madoff may have emptied the accounts of hundreds of victims -- but according to the feds, only half of his "customers" lost their hard-earned cash.
Prosecutors who reviewed the accounts of Madoff's clients told a judge Tuesday that only half lost money when Madoff's business shut down. The lucky half whose accounts didn't tank had withdrawn more money than they invested, the prosecutors said.
The other half of Madoff's active clients had invested more than they withdrew -- meaning their piggy banks were cleaned out by the Ponzi schemer.
Prosecutors also told a judge in Manhattan Tuesday that restitution wasn't necessary since Madoff's assets were already decided to be split amongst his remaining investors.
Madoff, the 71-year-old financier who made headlines with his billion-dollar Ponzi play that affected victims from celebrities to education institutions like New York University will spend the rest of his life in prison.