Consider This... Investment Awareness - KCBD NewsChannel 11 Lubbock


Consider This... Investment Awareness

LUBBOCK, TX (KCBD) - After a 150-year prison sentence, it's pretty safe to say Bernie Madoff will die in jail. Still, there are more questions and blame to be passed around the accountability table.

You'll recall Madoff is the perpetrator behind a $50 billion worldwide Ponzi scheme; a scam that has cost a lot of hard working folks their entire livelihood. So who, besides Madoff himself, could have seen this coming?  The answer, sadly, is a lot of us.

Consider this; forget the government's failure to act on tips about Madoff's deception. Forget our system of regulations designed to detect this sort of fraud. The point is thousands of people put their money, and more importantly, their trust in someone that didn't deserve either.

The Bernie Madoff case will not be the last of greed infested money grubbers taking advantage of honest people. But just because you are honest, doesn't mean you have to be naïve. This news of devastated lives should be a wakeup call for all of us; a call to be more vigilant.

Take a look at your 401k statements instead of throwing them away. Yes, I'm guilty of that! Question irregularities, get educated about how your money is invested and who's in charge of it.  Because in the end, it won't be the government bailing any one of us out.

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Texas Tech victim of Madoff Ponzi scheme
Bernard Madoff is now serving prison time after being found guilty for bilking billions from investors and Texas Tech is one of the many victims. NewsChannel 11's Ann Wyatt Little has details on the Lubbock connection to Madoff.

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