NEW YORK (AP) — Bernard Madoff's former clients are still struggling to move on five years after his massive Ponzi scheme was exposed.
World War II vet Morton Chalek says his last account statement with Madoff showed he had $2.3 million. He's still fighting in court to get some of it back.
On Dec. 11, 2008, Madoff told FBI agents that his multibillion-dollar investment advisory business was a fraud. He pleaded guilty and is serving a 150-year prison term in Butner, N.C.
The 90-year-old Chalek now gets by on Social Security, veterans' benefits and the companionship of retired educator Fran Reiss, a close friend who also lost her savings to Madoff.
Five former Madoff employees are on trial in federal court in Manhattan. Testimony resumes Monday.
In what is now considered to be one of the biggest and most famous Ponzi schemes in history, Madoff laundered about $65 billion, <a href="http://www.forbes.com/2009/03/13/bernie-madoff-fraud-personal-finance-financial-advisor-network-ponzi-scheme.html">Forbes reports</a>. Madoff defrauded thousands of investors, all of whom can be found on a <a href="http://www.huffingtonpost.com/2009/02/04/madoff-victims-list-relea_n_164097.html">163-page list</a>.
Ex-Goldman Rajat <a href="http://www.huffingtonpost.com/2012/10/24/rajat-gupta-sentenced-insider-trading_n_2010861.html?utm_hp_ref=business" target="_hplink">Gupta was sentenced to two years</a> in prison for participating in one of the largest insider trading schemes in history.
Kerviel was found guilty of one of the world's most colosal trading frauds in 2010. He cost France's Société Générale bank 4.9 billion Euros. He was sentenced to 3 years in jail and was also sentenced to paying a $7 billion fine, <a href="http://www.guardian.co.uk/business/2012/oct/24/french-rogue-trader-loses-appeal?newsfeed=true">The Guardian reports</a>.
Steven Goldberg, Peter Grimm and Dominick Carollo
Goldberg, Grimm and Carollo were found guilty of conning the I.R.S. and cities in a "bid-rigging scheme" during their time at General Electric, <a href="http://www.businessweek.com/news/2012-05-11/ex-ge-bankers-convicted-of-municipal-bond-bid-rig-scheme">Businessweek reports</a>. Goldberg was sentenced to four years in prison. Grimm and Carollo were each sentenced to three years.
Raj Rajaratnam, the former head of Galleon Management, was sentenced to 11 years in jail in October 2011, the longest prison term for insider trading to date,<a href="http://www.washingtonpost.com/business/economy/hedge-fund-billionaire-gets-11-year-sentence-in-fraud-case/2011/10/13/gIQAa0PZhL_story.html"> The Washington Post reports</a>.
During Nick Lesson's time at Bristain's Barings Bank, he lost 862 million pounds and even managed to level the 233-year-old bank itself, according to <a href="http://www.telegraph.co.uk/finance/personalfinance/fameandfortune/9483379/Barings-rogue-trader-Nick-Leeson-Money-is-not-my-motivation.html">The Telegraph</a>. He served four years in a Singapore jail before he was released early with life-threatening cancer.
Currently serving 110 years in prison, Allen Stanford was, at one time, one of the richest men in America, <a href="http://www.cnbc.com/id/49276842/Allen_Stanford_Descent_from_Billionaire_to_Inmate_35017_183">according to CNBC</a>. He conned about 20,000 investors out of their money in a Ponzi scheme.
Garth Peterson, the former head of Morgan Stanley's Chinese real-estate investments unit, was sentenced to 9 months in jail last August for bribery, <a href="http://online.wsj.com/article/SB10000872396390444508504577593950506343444.html">according to The Wall Street Journal</a>.
Bradley Birkenfeld spent more than 2 years in jail for assisting in income tax evasion while working at UBS. He then volunteered inside information on Swiss banking to the I.R.S., and was rewarded with $104 million for being a whistle-blower, <a href="http://www.nytimes.com/2012/09/12/business/whistle-blower-awarded-104-million-by-irs.html?_r=0">according to The New York Times</a>.
Don Of Thieves
Dennis Levine, Martin Siegel, Ivan Boesky and Michael Milken defrauded Wall Street investors in the 1980's. In a scandalous series of events, Levine stole confidential documents from Lazard Freres investment bank, and the crew made use of inside information, according to <a href="http://www.thedailybeast.com/newsweek/1991/10/13/wall-street-a-greed-apart.html">The Daily Beast</a>.