Retirees Lose ALL Money With Madoff

Most of the billionaires and bold-faced names who invested with Bernie Madoff will probably be fine, even if they did lose a lot of money. But there are plenty of people who were entirely wiped out, including the Liccardis, a retired couple living in an assisted living facility who lost nearly all of their money with Madoff and now have no idea where they’ll live.

NY Times: He had planned for his own retirement, of course. By last year, even after two heart attacks and a serious stroke, [Thomas V.] Liccardi, 86, was confident that he had no financial worries: he had become a millionaire, wealthy enough to afford $130,000 a year for assisted-living accommodations in a home for the elderly and the round-the-clock health aides whom he and his wife depend on.

The computer-generated financial statements he received every month showed that he had $2.7 million, an impressive increase from the $400,000 he had originally invested with Bernard L. Madoff Investment Securities, back in the late 1990s.

“My whole life was wrapped up around that money,” he said. “I thought I could pay the bills for the next 10 years.”…

And now he and his 84 year old wife, Edith, who had a small stroke last year and uses a walker, are wondering where they’ll live.

Read more, including how Liccardi was suspicious of Madoff from the beginning, at nytimes.com>

Photo from The New York Times

 


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