Bernie Madoff’s 150-year prison sentence is a good thing, but it also is a hollow victory for the clients he betrayed. The people who invested with Madoff bear culpability (up to 900% annual returns? really?), still though, he robbed people of more than money. He stole the success of their past and the future they anticipated it to bring. The funds looted by Madoff killed opportunity. Whether people planned to use their investments in providing for their own families or perhaps charitable endeavors, Bernie Madoff’s duplicity denied all such acts. Time from these people’s lives will also further be sucked away as they deal with the consequences of their losses and the efforts to recover assets.
Many of Madoff’s victims have probably lost their trust and faith in people and institutions – especially government. While investors should have been questioning this “too good to be true” situation, a belief that safeguards and routine oversight ensuring adherance to legitimate financial practices gave a false sense of security. Media accounts have indicated that warnings about Madoff were sounded yet they were either ignored or dismissed.
Former Madoff client reactions are similar to Involuntary Redistribution of Assets (IRA) targets in which probate venues and/or probate instruments (wills, trusts, guardianships and powers of attorney) are used to loot assets of the dead and disabled/incapacitated. Watching a lifelong accumulation of assets evaporate is, under any circumstance, a dreadful and life-altering experience.
Today’s sentencing was necessary as government wanted a high profile response to the exposure of their regulatory failure. “Look at us – we’re tough on the bad guys!” was the message being sent. But, where were they when it really counted?
We are currently sounding the alarm regarding corruption and abuse occuring with estates. Our Bernie Madoff has yet to emerge, but serious contenders are at work across this country and EstateofDenial.com will continue “shining light” on their activities.
Estate of Denial® provides news, analysis and commentary on abusive practices occurring in probate courts and via probate instruments (wills, trusts, guardianships, powers of attorney). We provide original perspective to educate the public regarding this growing threat to both individual freedoms and property rights.
