“…five years later, many of his victims are still waiting to learn if they will recover even a small fraction of the wealth they lost. And some anxious investors, who withdrew much more than they put into their Madoff accounts, are facing lawsuits that seek to reclaim profits that, unknown to them, were paid with stolen money.”
The largest category of victims in the vast Ponzi scheme run by Bernard L. Madoff — those who lost cash through accounts with various middleman funds — will be first in line for compensation from a $2.35 billion fund collected by the Justice Department.
In eastern Ohio, Amish and Mennonite communities grapple with questions of faith and finance as a neighbor stands accused of a Ponzi scheme.
Regulators and mutual fund executives differ on the stability of money market funds since the financial crisis. The S.E.C. is expected to soon propose more changes in the industry.
“I made the tragic mistake of trying to change the way money was managed and was successful at the start, but lost my way after a while and refused to admit that I failed.”
— Bernard L. Madoff, in an e-mail on Oct. 11, 2011
Bill Miller helped found Legg Mason in 1982 and it made him a legend on Wall Street, but the volatility after 2006 hit the fund hard.
A former trader at Bernard L. Madoff Investment Securities is expected to plead guilty to participating in an investment fraud beginning in the early 1970s, two decades earlier than Mr. Madoff claims to have started his Ponzi scheme.