In the wake of Bernie Madoff's death, a warning that if it seems too good to be true, it most likely is.
That from Palm Beach County State Attorney Dave Aronberg.
"Someone who goes to you and guarantees you a set return every year, even when the market is down, is someone who is probably lying to you."
82-year old Madoff was convicted in the largest Ponzi scheme in history and died on Wednesday at a federal prison in North Carolina.
Palm Beach is considered "Ground Zero" of the fraud, which ripped off thousands of people, many of them high profile, as well as charitable organizations to the tune of billions of dollars.
"He targeted people in our community. He went especially after the members of the Palm Beach Country Club and some people will never be the same again."
Aronberg says he knows some of the victims and they never suspected a thing.
"They were getting statements from Bernie Madoff each month, like it was any other investment advisor. He just made up everything."
Much of the money that was stolen has still not been recouped.
Madoff's attorneys tried to get him out of prison last year, citing the COVID-19 pandemic and their client's medical condition, he was suffering from final-stage kidney failure. They were denied.
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