‘Legal Tender’ Trap Eight investors in Bernard Madoff’s Ponzi schemes can’t recoup more than a small fraction from their homeowners’ insurers, a state appeals court decided.
The plaintiffs invested amounts ranging from $200,000 to $33 million with Madoff, who used clients’ money to fund a lavish lifestyle and paid fictitious returns on prior investments rather than buy securities as promised. He is serving a 150-year jail term.
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