Real estate firms victimized by alleged Madoff scheme

12/18/2008 |

Commercial brokers, developers and other real estate companies lost money in the alleged Ponzi scheme run by Bernard L. Madoff. A New York Times article suggests that Madoff was successful in recruiting real estate professionals because he "managed his funds much the way that real estate leaders have operated successfully for decades: He provided little information and demanded a lot of trust." Mark S. Weiss, a commercial real estate broker at Newmark Knight Frank, said, "You have a lot of wealthy people who made a lot of money on handshakes."

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