As the amount of scammed money continues to add up in the now infamous Ponzi scheme run by Bernard Madoff, investigators are still hard at work trying to recover assets in an effort to give something back to those that were swindled. With another $75 million found in an account in Gibraltar, the total assets now recovered by authorities from Madoff’s various businesses are nearing the $1 billion mark. While this represents a large sum of money it is but a drop in the bucket when compared to the over $50 billion that Madoff was able to scam over the years (source: news.yahoo.com).
Investigators are sure that there are more assets that will be uncovered as time passes. The problem is that the case is still tied up in legal proceeding as the argument over power of attorney for Madoff’s internal businesses presses forward. Meanwhile in other counties that have assets that are owned by Madoff some are taking action without warning in an effort to secure some funds for their citizens that were duped in the scam (source: news.yahoo.com).
In France, the French authorities are ready to take action. According to the authorities, they are ready to seize the chateau in Cap d’ Antibe that is owned by Madoff. The property was estimated to be worth $1 million at the end of 2008 and is said to have an estimated $900,000 worth of furnishings and fine art inside (source: news.yahoo.com). While it is certainly understandable that the French authorities want to protect their citizens as much as possible, is this type of action best for all involved?
Certainly there is no one person of the thousands that Madoff scammed that should be considered more important when it comes to getting something back. But if a system is not set into place in the very near future and agreed upon by the various countries that have assets that belong to Madoff, then it may literally turn into a free-for-all. Unfortunately, even though the total number of assets that can be recovered to help pay back the investors will probably reach a few billion dollars, the total amount will never be close to becoming recovered.
For many this will result in the biggest nightmare of their lives. While many will continue to thrive past this debacle, many others will simply be ruined, at least financially, all due to one man’s gigantic Ponzi scheme. But give investigators credit with the total $1 billion recovered thus far. At least for now it seems that they are leaving no stone unturned.