Fleeced by Madoff, they await his fate

Two Long Islanders who say they were swindled by disgraced financier Bernie Madoff plan to be at his sentencing Monday. Cynthia and Richard Friedman, of Jericho, say they lost their personal savings

News 12 Staff

Jun 28, 2009, 10:43 PM

Updated 5,493 days ago

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Two Long Islanders who say they were swindled by disgraced financier Bernie Madoff plan to be at his sentencing Monday.
Cynthia and Richard Friedman, of Jericho, say they lost their personal savings to Madoff. Prosecutors are asking that he be given 150 years in prison, while his defense team has asked for a 12-year sentence.
Investors thought they had a total of $64 billion stashed away in their Madoff accounts. In reality, there was less than $1 billion. Madoff was supposed to have invested the money in stocks. Instead, he ran a classic Ponzi scheme, using new deposits to pay bogus returns.


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