On June 16th, Bernie Madoff, the man accused of taking more than 65 billion dollars from unsuspecting people settled his civil case with the SEC. In the settlement, Madoff did not admit any wrongdoing. As of now, the SEC’s internal auditing agency is conducting an investigation of how this was botched so severely. The SEC received numerous complaints about Madoff and chose to ignore them.
I found a 141 page document that are statements from victims of Madoff. The stories are heartbreaking. Take some time to thumb through these and take away from this a few things. First, something has to be done to make sure that nothing of this scale is able to happen again and second, nobody cares about your money as much as you do. Never put all of your money under management with one person. I’ll repeat that. Never put all of your money under management with one person. While something like this is highly unlikely, it’s your retirement and you must plan for the things that are highly unlikely.
Take some time to read some of these stories.