Florida House Democratic leader victim of fraud
(AP Photo/Jason DeCrow)
Bernard Madoff, chairman of Madoff Investment Securities, returns to his Manhattan apartment after making a court appearance Wednesday, Dec. 17, 2008 in New York. The judge in Madoff’s fraud case has set new conditions for his bail, including a curfew and ankle-monitoring bracelet for the disgraced investor.
Published: December 22, 2008
TALLAHASSEE, Fla. (AP) — Florida House Democratic Leader Franklin Sands says he and his wife have sustained a “significant” loss in an alleged pyramid scheme run by Wall Street money manager Bernard Madoff.
Sands said in a statement Monday that he’ll have to make “necessary adjustments” but it won’t affect his legislative duties.
The lawmaker from Weston said he had no known direct contact with Madoff and that he’s still trying to determine the extent of his loss.
The 70-year-old Madoff, who once chaired the Nasdaq Stock Market, was arrested Dec. 11 on fraud charges. Prosecutors said he bilked investors, including charities and international banking institutions, out of up to $50 billion.
Copyright 2008 The Associated Press.
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