Montrose couple say they lost $1.2 million in Ponzi scheme
December 17, 2008
MONTROSE, Colo. ” A Montrose couple say they lost $1.2 million in a Ponzi scheme allegedly operated by Wall Street money manager Bernard L. Madoff, and that family members may have lost more.
Robert Chew said Wednesday his wife’s family may have lost about $30 million. The 55-year-old Chew likened the crime to “financial murder.”
Madoff was arrested last week after allegedly admitting to the $50 billion scheme and is free on $10 million bail. Prosecutors say he left investors around the world in financial ruin.
Madoff was expected in a New York court for a bail hearing Wednesday.