Leeds Morelli  & Brown: Legal Blog

Prominent financier Bernard L. Madoff has been accused of orchestrating what may be the largest Ponzi scheme in history.  Operating under the guise of a Hedge Fund, Madoff ran a classic Ponzi scheme, which involved paying off earlier investors with money from new investors.  Due to markets declining, the scheme unraveled after many investors who lost money elsewhere sought to withdraw money from their investments with Madoff.  The scheme, which allegedly ran for over a decade, is estimated to be a $50 billion loss.  High profile clients of Madoff include Steven Spielberg, New Jersey Senator Frank Lautenberg, real estate magnate Mortimer Zuckerman, owners of the New York Mets, a former owner of the Philadelphia Eagles and the chairman of GMAC.  

Not just the wealthy and famous have been affected by Madoff’s scheme.  Madoff recruited many retirees belonging to country clubs in Boca Raton and Palm Beach, Florida, where Madoff, himself, was a member.  Many of these retirees entrusted Madoff with their life savings.  After the scheme unraveled, many are predicting these individuals will be left with nothing.  Although it may have seemed wise to hand over a substantial amount of their life savings, the retirees affected by Madoff’s Ponzi scheme have learned a very hard lesson.  Proper estate planning is critical for retirees.  It is prudent to meet with an attorney who specializes in Trust and Estate matters to discuss safe avenues for investing and planning for one’s Golden years. 

The attorneys at Leeds, Morelli & Brown, P.C. have helped families properly plan estates in Nassau and Suffolk counties, Manhattan, Queens, Brooklyn, Bronx, and Staten Island.  For questions regarding estate planning, please contact an attorney at the Leeds Morelli & Brown P.C. law firm for a free consultation at 1-888-556-2529 or visit the firm’s website at www.lbestatelaw.com.