A list of 13,500 of Bernard Madoff's Ponzi scheme victims was made public on Febraury 5, 2009, by a Manhattan U.S. bankruptcy court. The 162-page document reveals Madoff's direct victims, including high-profile names and celebrities. Included among the list were actor Kevin Bacon, former professional baseball player Sandy Koufax and journalist and TV personality Larry King. The list does not include financial institutions and charities which were effected by the loss of funds invested with Madoff.
Theft Losses
On March 17, 2009, IRS Commissioner Douglas Shulman announced that victims of Bernie Madoff would be allowed to claim theft losses as deductions on their tax returns. The classification of the lost funds as theft losses, rather than capital losses, should lead to higher deductions for most investors.
References
Fast Facts
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Fact:
List includes over 13,500 names of victims
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Fact:
Victims lost money to Bernie Madoff's Ponzi scheme
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Fact:
Released to the public after Manhattan U.S. Bankruptcy Court filing
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Fact:
162-page document
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Fact:
Includes high-profiled and celebrity investors
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Notable names
Kevin Bacon, Sandy Koufax, Larry King, John Malkovich, Frank Lautenberg
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Fact:
Madoff pleaded guilty to fraud in March 2009
