Koch Brothers Even Win In Madoff's Ponzi Scheme

How many honest people were bankrupted in Bernie Madoff’s Ponzi scheme. I knew a few of them and they lost everything they had. But not the Koch brothers. A Bankruptcy Court judge has ruled that proceeds from Madoff’s Ponzi scheme that are held overseas cannot be “clawed back” in order to pay restitution to Madoff’s victims. So far, the trustee appointed to recover money for the victims has obtained nearly $12 billion of the nearly $18 billion in outstanding claims. Apparently, there are now close to $2 billion held overseas by approximately 90 entities that are now out of the trustee’s reach. One of those entities is controlled by the Koch brothers. According to the NY Times article, “Koch Industries began investing in the Madoff fund well before its collapse and pulled its $21.5 million out in 2005. The money withdrawn from the Madoff fund went to a fund registered in the British Virgin Islands and then to a Koch entity in Britain.” Because of that, the profits the Koch brothers made from Madoff’s Ponzi scheme will not be available to Madoff’s real victims. Too bad the single mom who lost all her savings to Madoff didn’t really have that option to move her profits overseas.