Madoff: Bernard Madoff and Scandals

madoff: The dispute highlights how almost a decade after Bernard Madoff admitted using money from new investors to repay older ones, basic elements of one of the biggest scandals in history are still hotly contested by some victims, according to The Toronto Star. TIMOTHY A. CLARY / AFP/GETTY IMAGES file photo The customers say they can prove that Madoff used cash from his investment advisory customers to buy billions of dollars in Treasuries and held Fortune 100 stocks that appeared on their statements. Bizarre though it sounds, there's a reason why they're advancing the claim If it wasn't a Ponzi scheme, they needn't surrender more than 100 million U.S. in what the trustee of Madoff's firm calls false trading profits. That, they argue, would defeat the trustee's claim that it was all a Ponzi scheme in which no real trading took place a theory the trustee calls pure fiction. I believe I can prove that securities were purchased for some of my customers. Read more Big payout to Madoff firm hired to pay back victims; zero so far paid to victims Article Continued Below Florida congressman targets delay in Bernie Madoff victim payouts First Bernard Madoff case reaches EU court long after Hollywood portrayals The standard for a Ponzi scheme is that there is no legitimate business, but Madoff was the single largest market maker in the world, said lawyer Helen Davis Chaitman, who represents about 70 customers. (news.financializer.com). As reported in the news.