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March 17, 2011

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Brette McSweeney

Does it hold that even if one person connected to the scheme noticed the fraud (such as the analyst in Boston in this case), other investors can still claim to be giving in good value and acting in good faith? So it's not just that the Katz Wilpon investors ought to have realized based solely on the outsized returns, but that someone did in fact realize.

I know the scale of the Madoff scheme is beyond any previous scale of fraud and swindling, but isn't the $1 billion reclaimed by Irving Picard impressive? And part of that is money returned by early investors, correct?

Finally, don't you enjoy how the trustee Irving Picard is referred to, at least in communications from his attorney, as The Trustee. As in "The Katz Wilpon defendants are wrong on the facts and wrong on the law. The Trustee will prevail." The Dickensian aspect with this one expands by the day.

Selina Murch

These schemes are so typical and if people would step back and think about the business model it would be so apparent. Offshore investments that are suppose to be bringing in inordinate amounts of money paying returns that are unreal.

Right now with technology there are a number of schemes like this that are basically electronic chain letters.

I would also suggest this is the same with all the gifting programs that have started. When I question someone about it they just don't see that someone will get left holding the bag. I have a friend that sent a money order for over $4000 to someone in Florida.

Lost forever and to make matters worse, the money was borrowed.

With the current economy people are desperate and this leads them to do things that they would not normally have done and there are some really intelligent scam artists just waiting to take advantage of them.

homer

Could the victims file any claims to the legitimate business operation, especially given Madoff took money from the legitimate business operation?

John McDonald

Can someone send me a pdf of his paper? jmcdonald@briggs.com

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