GREENWICH, Conn. (CBSNewYork/AP) — Officials say the number of victims seeking relief for fraud committed by Madoff Securities is much larger — and with much larger losses — than previously thought.
The U.S. Department of Justice official in charge of administering the Madoff Victim Fund said Tuesday that the fund has received more than 51,700 claims from investors. There were claims from investors in 119 countries who claim they lost more than $40 million in disgraced financier Bernard Madoff’s Ponzi scheme.
“Other than the Gobi desert and the polar icecaps, few places on earth seem to have escaped the scourge of this fraud,” Special Master Richard Breeden said in a statement. “This fraud was of epic, and truly global, proportions.”