Quote:
Originally Posted by CaptainCrunch
From my understanding you'd be in the clear unless the reasoning around pulling out your money is that you were aware that it was illegal and you didn't report it.
But from everything I've read these operators will do everything to prevent you from withdrawing your funds, right up to appealing to your greed and adding a guaranteed higher percentage point.
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Profiting from a Ponzi actually isn't that unusual.
You just don't want to be the last guy holding the bag.
Madoff's ponzi went on a staggering amount of time. Those who profited, I believe, are now being compelled by regulators through courts to surrender their profits. Owners of the New York Mets are one such scenario if I'm not mistaken. The surrendered profits will be used to make others whole - or more whole than they are now.
Madoff's ponzi was interesting because it didn't necessarily promise the big strike . . . . he was saying he was making 1% or so a month, which didn't sound compeletely crazy.
He was selling consistency and through almost 20 years, appeared to deliver.
Fear and greed are the primary drivers of markets. Emotions carry people away, particularly on the greed side.
No sympathy.
Cowperson