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Tax Apr 2009- "Ponzi Scheme Losses – The IRS Comes Through"

Tax Apr 2009- "Ponzi Scheme Losses – The IRS Comes Through"

Tax Apr 2009- "Ponzi Scheme Losses – The IRS Comes Through"

Excerpt


Ponzi Scheme Losses – The IRS Comes Through



On March 12, 2009, Bernard L. Madoff admitted guilt to eleven counts of fraud in connection with a $50 billion Ponzi scheme. He immediately went to jail, where he will most likely spend the rest of his life. While Mr. Madoff’s victims received some comfort in knowing he will pay for his crimes, his conviction offered little hope that they would receive compensation for their losses. 


 



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