Bernard Madoff didn’t accept money from just anyone. Clients ideally had to have at least $10 million to open an account with his New York investment firm.
While such wealthy people don’t turn up just anywhere, the Palm Beach Country Club provided enough to make Madoff’s membership in the predominantly Jewish club worthwhile.
On Friday, many of those who had considered themselves lucky to invest their millions with the part-time Palm Beacher were calling their accountants, their brokers and each other, wondering whether they had lost it all.
“Everyone is in shock,” said Richard Rampell, a Palm Beach accountant. “They’re embarrassed. They don’t want to believe they got taken.”