Madoff’s letters detailing Ponzi scheme exposed in Greenwich author’s new book
A Greenwich radio talk show host is about to tell the world in detail how Bernie Madoff pulled off one of the biggest Ponzi schemes in financial history.
Jim Campbell, a business talk show host on WGCH, was introduced to the Madoff family several years ago and gained their trust to write a tell-all book called "Madoff Talks.”
He spoke with News 12’s Mark Sudol about it Monday. The book comes out Tuesday.
For decades, Madoff enjoyed an image as a self-made financial guru whose Midas touch defied market fluctuations. A former chairman of the Nasdaq stock market, he attracted a devoted legion of investment clients — from Florida retirees to celebrities such as film director Steven Spielberg, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax.
But his investment advisory business was exposed in 2008 as a Ponzi scheme that wiped out people’s fortunes and ruined charities.
Over the years, court-appointed trustees laboring to unwind the scheme have recovered more than $14 billion of an estimated $17.5 billion investors put into Madoff’s business. At the time of Madoff’s arrest, fake account statements were telling clients they had holdings worth $60 billion.
Madoff pleaded guilty in March 2009 to securities fraud and other charges, saying he was “deeply sorry and ashamed.”
He was given a 150-year prison term for his crimes and he died in jail this month at age 82.
AP Wire Services were used in this report.