Madoff arrest: Finally makes Dowdell's ponzi 'small potatoes'
Five years ago, when pleading for lenient sentencing, the lawyer for convicted Charlottesville-based ponzi schemer Terry Dowdell downplayed Dowdell's tens of millions in thefts as "small potatoes." Now, the arrest of New York financier Bernie Madoff appears to have finally taken a step toward moving that spud-based contention toward reality.
Back when Dowdell was forced to give up his million-dollar residence in the tony Ivy-area Rosemont subdivision, his ponzi was considered one of the largest in history. But what Madoff is alleged to have done appears to be the biggest–- by a factor of at least 100.
Although prosecutors and a court-appointed receiver are still trying to sort it all out, it appears that Dowdell, now serving a 15-year prison sentence, probably stole something around $100-200 million. But Madoff–- who once chaired Nasdaq–- may have erased around $50 billion in money entrusted to him in a fake hedge fund.
–last updated 7:34am December 16