Madoff Fraud Update

With each passing day, another institution steps forward to disclose that they too have been caught up in the Madoff Fraud. The latest being the disclosure by Tremont Group Holdings, a part of the insurance giant, Massachusetts Mutual Life Insurance, that their clients lost over three billion dollars as a result of the Madoff Fraud.

It doesn't take a genius to see that the number of impacted parties and the size of the impact is quickly making this the full employment act for forensic accountants and lawyers.

Lawyers battling it out as to who knew what, when, and who should have known what, when will play out over many, many months, if not many years. But such battles can obscure that the real tragedy here is the individuals and charities that have been wiped out by this massive fraud.

Sometimes, I think that lawyers...in their zeal for new business...can lose sight of the fact that at the heart of every tragedy are real people who have had their hopes and dreams crushed.

I am proud of the fact that one of my clients, the fine Florida law firm of Berger Singerman, was one of the first law firms to publicly address the personal tragedies, of the situation, in a holistic, deeply caring way. Their Madoff Alert speaks for itself.