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Unfortunately, they do. The conclusion was that, because for quite a period there were no investments, just a scam, that the law says money-in, money-out. In
by x0x0 9y ago
Unfortunately, they do. The conclusion was that, because for quite a period there were no investments, just a scam, that the law says money-in, money-out.
In particular:
> The accounting of "funds stolen" in this matter excludes inflation, interest, time invested, opportunity cost, and falsely reported balances. The interpretation of the laws do not consider time value of money when reimbursing lost funds.
see https://en.wikipedia.org/wiki/Recovery_of_funds_from_the_Madoff_investment_scandal https://en.wikipedia.org/wiki/Recovery_of_funds_from_the_Mad...
- sjwright 9y agoThe key quote from that article: > "...no legitimate investments were made on the investors' behalf for at least the last 12 years..." It's unfortunate for the people who thought they were earning interest, but it wasn't earned; it was money stolen from other investors.
- x0x0 9y agoIt is worth noting, however, that apparently you can only clawback disbursements for the previous six years, so someone who invested in the 70s most likely did quite well via withdrawals.