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MONTROSE, Colo.—A Colorado couple say they lost $650,000 invested with Wall Street money manager Bernard L. Madoff, and that family members may have lost more.
Madoff was charged with fraud last week in what is being called one of the biggest Ponzi schemes on record, with investors possibly losing more than $50 billion.
Robert Chew of Montrose said Wednesday he and his wife believed their investment had grown to $1.2 million when they learned of the alleged scheme.
He says his wife’s family may have lost about $30 million. The 55-year-old Chew likened the crime to “financial murder.”
Madoff is free on $10 million bail. Prosecutors say he left investors around the world in financial ruin.
