The New York Times Deal Book is reporting that Madoff likely bought no securites for his clients in the last thirteen years.  That's right  -- NONE.

As the New York Times reports,

“We have no evidence to indicate securities were purchased for customer accounts,” the trustee, Irving H. Picard, said at the first gathering of Mr. Madoff’s clients and other creditors at the federal bankruptcy courthouse in Lower Manhattan.

 

This guy has even bigger chutzpah than I thought. He really just did pocket the money, and hand it out as claims came in. I really wonder what he hoped would happen? Didn't he think, some day my family will be called to task, and I might not be alive to take the blame?  As a person I recently spoke to said to me, "This guy is at the 9th Circle of  Hell (from Dante's inferno) since he betrayed family."