TBO.com - TBO is Tampa Bay Online

Top Florida House Democrat Burned By Madoff Scam, He Says

ADVERTISEMENT

The Associated Press

Published: December 22, 2008

TALLAHASSEE - Florida House Democratic Leader Franklin Sands says he and his wife have a significant loss from what authorities say was a $50 billion pyramid scheme run by Wall Street money manager Bernard Madoff.

Sands says in a written statement released today that he will have to make adjustments but that it won't affect his legislative duties.

The lawmaker from Weston said he had no known direct contact with Madoff and that he still is trying to determine the extent of his loss.

Madoff, 70, who once ran the Nasdaq Stock Market, was arrested Dec. 11 on fraud charges.

Prosecutors say he bilked investors, including charities and international banking institutions, out of up to $50 billion.

Share this:

Loading Comments...

Email Print

ADVERTISEMENT