The Madoff Scandal

Originally Posted by bigrun

Sorta figured the first investors made money at the expense of later investors (suckers) but still seems to leave mucho bucks unaccounted for....

Paper gains.

Just like stocks.
Or your house.
Your house maybe valued at 150,000 dollars.
But until you sell it for that value...

So you might sell it for 40,000, and claim you lost
110,000 dollars.

Depends on how investments are valued to begin with.
And obviously those investments have lost their "supposed"
value.