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  1. Wealth
February 4, 2009

Times: 3 million Madoff victims?

By Spear's

The alleged $50 billion (£34.8 billion) fraud by Bernard Madoff, the American broker, may have impacted up to three million people worldwide, lawyers representing claimants said today.

From The Times:

The alleged $50 billion (£34.8 billion) fraud by Bernard Madoff, the American broker, may have impacted up to three million people worldwide, lawyers representing claimants said today.

Javier Cremades, president of Cremades Calvo-Sotelo, the Spanish law firm, said: “Our calculations are that at least three million people were affected by the Madoff affair, three million people who could be directly or indirectly affected by the case.”

The estimate is based on information collected from over 30 firms around the world who are representing the victims of the alleged pyramid fraud conducted by Mr Madoff.

To read the full article, visit The Times

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