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October 14, 2009

Local Madoff victims try to recoup their losses

Of the hundreds of luxury items that filled the hotel’s ballroom, a majority belonged to once-wealthy individuals now in financial distress. A select few, however, belonged to the investors who were bilked out of thousands, even millions of dollars, when they trusted Madoff with their life savings. In June, Madoff was sentenced to 150 years in prison for defrauding thousands of investors out of an estimated $65 billion through his investment advisory business.

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