How many of these offshore shell companies are really Americans, investing in a "hedge fund" using a fund/trust registered in the Caribbean. That in itself is not illegal, but how many of those guys openly declared taxes on their "gains"? Where did the money come from in the first place? I am sure the IRS will find this VERY interesting. Would be ironic some people will be in for a double whammy. Losing all money to Bernie, then getting a call from the IRS in a couple months because they didn't declare and sent money to Bernie that wasn't theirs but the IRS'
...But Madoff ran this vehicle for decades. Do you mean that it was a scheme to give wealthy investors a write-off in years other than 2008?
Yes it does, if you do not perform due diligence on where your money goes you get what you deserve. No excuses.
Lots of people we're indirectly exposed not everyone is financially savvy which is why they pay analysts but some did not do a through investigation and some we're indirectly exposed through feeder funds. Something like this can happen to anyone.