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Madoff's country clubbers were all smiles $50b ago

China Daily | Updated: 2008-12-16 08:14

On June 18, 1991, a balmy late spring day on the North Shore of New York's Long Island, stockbroker Pamela Martens sat on the patio of an exclusive local country club, meeting with a client for the first time.

Martens would be taking over management of the customer's municipal-bond portfolio, but was alarmed when she heard how the man had invested the rest of his nest egg.

Madoff's country clubbers were all smiles $50b ago

"He told me that the bulk of his money was with Bernie Madoff, and that Madoff guarantees a 13 percent a year return," Martens recalls. "I said, 'first of all, that's impossible, and second of all, that's illegal'."

Madoff's country clubbers were all smiles $50b ago

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