Even brilliant people can be victims of fraud and deceit. It is difficult to believe how many major players in the world's economic scene lost millions (and, in some cases, billions) to a reported ponzi scheme engineered by Bernard Madoff. How did he rip off so many highly educated sophisticated people?
Recently, Madoff's website was changed to report on the appointment of a receiver of his assets and news about the legal process. But, before the lid blew off of his scheme, the website shed light on how he managed to pull it off. I have pasted below an except from his old home page:
The Owner's Name is on the Door
In an era of faceless organizations owned by other equally faceless organizations, Bernard L. Madoff Investment Securities LLC harks back to an earlier era in the financial world: The owner's name is on the door. Clients know that Bernard Madoff has a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm's hallmark.
How ironic is that? Madoff may have engineered to biggest ponzi scheme in world history. He did it by gaining his customer's trust. He was selective about which customers he accepted. He only took on people who had complete faith in him and, most importantly, had lots of money to lose.
Almost every one of my clients is embarrassed about their losses. They feel that if they had only been a little smarter and had a better understanding of their investments, they would not have lost so much of their estate.
Now we know that even smart, highly educated and sophisticated businessmen and women can be taken to the cleaners. Perhaps they should have known better. Perhaps someone should have asked Mr. Madoff for more detail about how their money was being "invested". But, if you do not have the same level of education and investment acumen as Mr. Madoff's customers, you certainly have nothing to be ashamed of.
If you lost money in the market and feel that your portfolio might have been mismanaged, you owe it to yourself and your family to see an attorney for a review. You may have a claim worth pursing.
For more information go to my website: http://www.tuckerludin.com/securitiesclaims.html
About Me
- Eric E. Ludin
- Clearwater and Tampa, Florida, United States
- Eric E. Ludin received his Bachelor of Arts degree from Michigan State University in 1979, with honors. He received his JD from the University of Pittsburgh School of Law in 1982. Mr. Ludin's practice concentrates on immigration law, securities litigation, general and commercial litigation, commercial landlord/tenant conflicts and personal injury litigation. Mr. Ludin was President of the St. Petersburg Bar Association from 2000 - 2001. He served as President of the St. Petersburg Bar Foundation from 2004 - 2006. Mr. Ludin recently completed a term as the chair of the 6th Judicial Circuit Grievance Committee “E” of the Florida Bar. Mr. Ludin is chairman of Menorah Manor, a not for profit nursing, assisted living and rehabilitation center. He is President of the Tampa Bay Leadership Counsel of the Crohn's and Colitis Foundation and President of the CASA Foundation (Community Action Stops Abuse). He is a member of AILA, the American Immigration Lawyers Association and is committed to assisting people realize their dream of living in the United States. Mr. Ludin has an "AV" rating with Martindale-Hubbell which is the highest peer rating an attorney can be awarded.