I read the article several weeks ago in the newspaper.
According to the article this guy borrowed $350K against his home to invest with Madoff plus who knows how much of his own money?
The article stated he gave some money to his church and lived off the returns from Madoff investments.
My guess his total loss was not as much since the figures he stated he lost from Madoff were based on a bogus return of 12-15% on his investment.
Plus he did get a monthly income checks from Madoff during the last 10 years.
My guess, if this guy never got involved with Madoff, he probably would have ended up in the same position, investing through Vanguard or just doing the 3% cd’s.
Kinda like the Enron stock holders saying they lost millions when in fact they never had a millions in stock because the million figure was based on bogus investment earnings.
