Saddest quotation of the day:
In addition to wealthy clients, Madoff lured in more modest investors. Starting 32 years ago, on the advice of their accountant, Joan and Arnold Sinkin of Boynton Beach, Fla., began investing with Madoff. After they finished putting their kids through college, the Sinkins began to steadily add to their stake with Madoff, a few thousand dollars at a time, until he controlled most of their life savings.
“We were really what you call middle class,” said retired physical therapist Joan Sinkin, 75, in an interview with the Forward. “I felt lucky to be with them.”
Now, their savings are almost entirely gone, and they may be forced to sell their condo on Long Island. Yet even now, reflecting on her talks with Madoff, Joan Sinkin can’t quite believe what has happened.
“He explained the philosophy,” Sinkin said. “We really couldn’t lose.”