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Posted: Thursday, 02 July 2009 2:27PM
Protect yourself from a Ponzi scheme
Regine Schlesinger Reporting
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CHICAGO (WBBM) -- The U.S. Marshals Service has taken possession of the $7 million Manhattan penthouse where financier Bernard Madoff and his wife lived.
U.S. Marshal Joseph Guccione said Thursday that the marshals were at the property pursuant to a court order.
Madoff was sentenced Monday to 150 years in prison for a fraud that cost thousands of investors billions of dollars.
That sentence was a small consolation for Madoff's hundreds of victims. But, those he bilked, some of their entire life savings, probably will never recover much, if any, of their money. WBBM's Regine Schlesinger has some advice from an expert on how to protect yourself against losing money to a Ponzi scheme.
There were few red flags for Bernie Madoff's victims because he was so smooth and widely-respected. Still, some prospective investors sensed something was fishy and stayed away.
Tom Joyce with Chicago's Better Business Bureau says in general, you should beware of any investors who use high-pressure tactics, promise high returns with little risk, or offer evasive answers to questions about how the money's being invested. And always, he says, make sure you have a trusted lawyer, accountant or financial adviser look over all documents. Before investing any money, he says, always get a second or even a third opinion. You can also check out businesses for free on the Better Business Bureau's website.
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