THE CAMERAMEN in the helicopters high above downtown Manhattan may have had Bernard Madoff in their sights yesterday, but for thousands of his victims this was their day too.
They booed and jeered as Madoff arrived at the courthouse, while some queued to be interviewed by television stations from all over the world. There were elderly couples, young mothers, representatives of at least one “action group” and plenty of lawyers looking to say their piece.
One of the lawyers, Mark Raymond of law firm Broad and Cassel, said he represented many “ordinary working folk” who had lost everything to Madoff.
One alleged victim was a New York plumber who earned $60,000 (€46,400) a year, Mr Raymond said. This plumber was no ordinary victim, however, as his case revealed the depths to which Madoff was prepared to stoop.
Mr Raymond said Madoff had invited the plumber to join his investment scheme after he saved Madoff’s son’s life. “His son and Madoff’s son were swimming off Long Island and the plumber dived in and saved Madoff’s son from drowning,” Mr Raymond said. “The reward was being invited to join the club.”
Mr Raymond said the plumber lost his $100,000 life savings.
An elderly couple in Atlanta, also clients of Mr Raymond, have been forced to return to work after losing everything. “He is 82; she is 78,” said Mr Raymond.
Inside the courtroom, a handful of victims were allowed to address the court from a podium behind Madoff and his four lawyers.
One thanked US district judge Denny Chin for jailing Madoff, and they all urged the US government to find the missing billions and keep hunting for co-conspirators.
In pleading guilty to 11 counts of fraud, Madoff has avoided conspiracy charges. It is unlikely that much money will be recovered as Madoff used the funds in part to pay fake profits to his investors and the rest was spent funding his lavish lifestyle. About $1 billion was found in his firm’s bank accounts when he turned himself in on December 11th last year.
Cynthia Friedman, a retired teacher, said Madoff had turned her life upside down. “We saved and saved. We never had debt and invested in Madoff for our future,” she said.
Richard Friedman, her husband and a certified public accountant, said he and his wife, his mother and his late father’s estate had lost $14 million in total to Madoff.
Barbara Karen Dweck (58), a Manhattan artist, smeared her palms with red paint outside the court. “He has blood on his hands,” she said, referring to the fact that at least two Madoff investors have taken their own lives since the fraud was uncovered.
More than 4,800 people lost billions to Madoff, who targeted the Jewish community, the elderly, charities and universities to run the biggest confidence trick the world has known.
