Madoff fraud still stings ex-clients 5 years later

Madoff fraud still stings ex-clients 5 years later

Madoff fraud still stings ex-clients 5 years later

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Associated Press

Posted on December 8, 2013 at 1:00 PM

Updated Sunday, Dec 8 at 1:01 PM

NEW YORK (AP) — Bernard Madoff's former clients are still struggling to move on five years after his massive Ponzi scheme was exposed.

World War II vet Morton Chalek says his last account statement with Madoff showed he had $2.3 million. He's still fighting in court to get some of it back.

On Dec. 11, 2008, Madoff told FBI agents that his multibillion-dollar investment advisory business was a fraud. He pleaded guilty and is serving a 150-year prison term in Butner, N.C.

The 90-year-old Chalek now gets by on Social Security, veterans' benefits and the companionship of retired educator Fran Reiss, a close friend who also lost her savings to Madoff.

Five former Madoff employees are on trial in federal court in Manhattan. Testimony resumes Monday.

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