No Investments
By The clients who trusted Bernard L. Madoff still do not know exactly what he did with their money. But they know what he did not do with it: He did not buy any of those blue-chip stocks and Treasury bills listed on their account statements over the last 13 years.
The court-appointed trustee who is winding down Mr. Madoff’s business said on Friday that his team had searched records going back almost to 1993 and found no evidence that any securities were bought for investors during that time.
One theory had been that Madoff was investing, but that at some point the investments went south, and he couldn’t pay off all of his commitments. Turns out not so much; just a straightforward pyramidponzi scheme from the start.
Note to self: After establishing extremely lucrative pyramidponzi scheme, make CERTAIN to regularly update escape plans…