Madoff victims detail financial ruin

Investors burned by the biggest ponzi scheme in U.S. history outline the damage done by Bernard Madoff.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all RSS FEEDS (close)
By Ben Rooney, staff writer

Mug shot: Bernard Madoff has been incarcerated since pleading guilty on March 12.

NEW YORK ( -- Prosecutors in the case against Bernard Madoff on Monday submitted 113 victim statements to the New York judge that will preside over the disgraced financier's sentencing.

The statements were emotional, blaming Madoff for ruining lives and wiping out entire life-savings.

Madoff, 70, who masterminded the biggest Ponzi scheme in history, is due to be sentenced June 29. The statements were addressed to to Judge Denny Chin of the Southern District of New York.

Madoff has been held in the Metropolitan Correctional Center in lower Manhattan since March, when he pleaded guilty to 11 criminal counts, including fraud, money laundering and perjury. He faces a potential 150-year sentence in federal prison.

"At the age of 89, I find myself and my wife (86) devoid of future hope," said one victim. "I find it hard to believe what he did to us and...all the charities affected by this Bastard."

Another victim said she and her husband had their entire life savings invested with Madoff.

"I often feel as if life is futile," the victim, who said she was a mother of three, said in a statement. "Why bother to do 'the right thing' when it doesn't mean anything?"

Eight of the victims requested to speak at the sentencing later this month, including one, who said she had known Madoff personally for 20 years.

"My family and I have lost everything," she wrote.

Thousands of investors were victimized by Madoff's massive, long-running scheme, with losses in the billions of dollars. Investigators are still tallying up the number of victims and the amount of the money that was stolen.

Investigators are also seizing and itemizing Madoff's assets - including those belonging to his wife Ruth - for liquidation. The assets will be used to pay back burned investors.

Attorneys for Madoff could not immediately be reached for comment. To top of page

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
The best TV deals for the Super Bowl Want a new TV for the Super Bowl? Some great deals make now the time to buy. More
Top-paying jobs Orthopedic surgeons take home a median $410,000 in salary and bonus annually. What other great careers from CNNMoney and's list of Best Jobs in America offer hefty paychecks? More
Fastest-growing jobs Demand for IT security consultants are projected to grow a solid 37% between 2012 and 2022. What other careers on CNNMoney and's list of America's best jobs will see big opportunities? More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2015 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2015. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2015 and/or its affiliates.