Investors Calculate Losses From Madoff Scam
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The list of victims of alleged financial fraudster Bernard Madoff keeps growing as investors around the world are scrambling to calculate their losses.
Madoff is accused of running a $50 billion "Ponzi" scheme, where older investors were paid off with money from new investors.
The former NASDAQ chairman convinced hundreds of wealthy individuals, corporations and investment funds to invest huge sums of money.
Apparent victims include New Jersey Senator Frank Lautenberg, Daily News Publisher Mort Zuckerman and Mets Owner Fred Wilpon.
Foreign banks were also hit hard with some reporting hundreds of millions of dollars in losses.
The alleged scheme also drew in some charities which are now being forced to close.