Shocking

The Madoff Millionaires

Shock: Half of investors withdrew more than they put in.

Half of Bernie Madoff's victims weren't really victims, according to prosecutors. Federal officials are claiming that at the time of Madoff's arrest last December, half his active investors didn't lose money in his elaborate Ponzi scheme because they'd already withdrawn more than they contributed to the accounts, the New York Daily News reports. The less-lucky half of investors contributed more than they were able to withdraw. However, this model doesn't take into account how much investors thought they'd made, or the money they could have made if they'd invested their funds in a legitimate firm. In court papers, prosecutors told a judge that Madoff's assets—luxury apartments, cars, yachts and millions in corporate holdings—would be enough to distribute to his victims and that no restitution was needed.