Madoff’s Latest Victims: Kevin Bacon and Kyra Sedgwick

investment diversification.

the financial advisor should have told him to split his investment portfolio with 5 different firms.


Quote from IanMacQuaide:

I personally know a man who's brother committed suicide this week after losing $$$$ to BM's scam.
And, oddly enough, I don't know if he meant Kevin himself, or if my friend has a part time day job, but I'm on another chat board with Kevin Bacon's lead guitar player in his band The Bacon Brothers, and this man told us all that his "boss" lost his entire family's life savings to BM and his scam.
Truth is always stranger than fiction.
But in this case, it's just surreal.
More...
 
Quote from rc5781:

madoff's family will only feel a slight tinge of guilt as they spend the hidden money their infamous heir "earned" for them........
More...
Jan. 3 (Bloomberg) -- Just six days before he was charged with running a $50 billion Ponzi scheme, Bernard Madoff allegedly agreed to invest $10 million for a family that had turned an ice delivery business into one of the largest independent heating oil distributors in New York City.

Rosenman Family LLC, managed by Martin Rosenman, president of Bronx-based Stuyvesant Fuel Service Corp., sued Irving Picard, the trustee appointed to supervise the unwinding of Madoff’s business. He is seeking a ruling that Picard has no claim to the $10 million. Rosenman, who hadn’t previously invested with Bernard L. Madoff Investment Securities LLC, said he spoke by phone with Madoff Dec. 3 about investing the money, according to a complaint filed Jan. 1 in bankruptcy court in Manhattan.

“Madoff stated that the fund was closed until Jan. 1, 2009, but that Mr. Rosenman could wire money” before that date into a Madoff account, “where it would be held until the fund opened after the new year,” according to the complaint. Rosenman’s lawyers said Madoff was recommended as “safe and reliable.”

....

The day after Rosenman allegedly received the trade confirmation, Madoff revealed the fraud to his sons, saying no more than $300 million was left in his accounts, according to the FBI. The next day, Madoff, 70, was arrested and charged by federal prosecutors with one count of securities fraud. He faces as much as 10 years in prison and a $5 million fine if convicted.

$10 Million

“Like many of the victims, word spread through the community that investments with the Madoff firm were safe and reliable,” Howard Kleinhendler, another lawyer for Rosenman, told Bloomberg Television. “Madoff was planning on distributing between $200 million and $300 million to his friends, family and loyal” employees, Kleinhelder said. “This was part of the collection process to increase the amount to distribute.”
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http://www.bloomberg.com/apps/news?pid=20601087&sid=aiFGIXNoIRa4&refer=home
 
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