In another sad story, a retired military man returns from Afghanistan and finds his life savings is gone. Why? Unfortunately, his hedge fund who invested his money in Madoff’s investment scheme, went belly up. Distraught at the age of 65, no money, and personally bankrupt, he took his life.
His son Willard said his father had returned from Afghanistan and revealed his life savings had been lost. He did not say how much had gone, but news reports said it was close to 1 million pounds ($1.45 million).
“He came back and we were all very glad he was back and retiring and we were looking forward to him spending a long and happy retirement with us, but unfortunately very recently … I got in contact with him to ask him some ordinary family stuff and halfway through the conversation he said: ‘Look, I’m really sorry, I can’t concentrate, I’m afraid I’ve lost everything, I’ve lost all the money, I might have to declare myself bankrupt’,” Willard Foxton told Sky news.
“He invested in hedge funds (and) without going into the names of the specific hedge funds, essentially these two hedge funds had taken the money, and as far as I can understand from news reports and the class action lawsuits being filed against them, they had taken all the money that was invested with them and then sunk that into Bernie Madoff’s fund.”
As far as I’m concerned, Madoff being allowed to sit in his cushy penthouse apartment while others suffer is SHAMELESS. This man needs to rot in hell. He ruined so many lives, I agree blood is on his hands, and his wifes hands as well.
Why in America do we protect the rich and the middle class get the shaft? Hopefully, with this economic crisis, and Obama as President things will change. So sad, our thoughts and prayers go out Willard Foxton’s family.