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5 Utahns named as Ponzi scheme victims

5 Utahns named as Ponzi scheme victims

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One Utahn says he's doing all right, despite losing a big chunk of change in the $50 billion Ponzi scheme engineered by Bernard Madoff.

Brent Gindel of Park City is a retired land developer. He says a couple family members told him about Madoff's investment opportunity. He says nothing made him think anything fishy was going on.

"There were no brochures, no seminars or anything like that," he said.

Gindel says he couldn't believe when he saw Madoff carted off by the FBI. "Kind of disbelief, kind of shock. You know, how do you feel?" he said.

Though he didn't want to disclose how much he invested, he says he's not expecting to get a penny back. He said, "Fortunately all my eggs were not in one basket, so I'm gonna be just fine."

Gindel is one of five Utahns who invested in Madoff's scheme. The others affected are Deborah Joyce Savin, of Park City; and Michael Wagreich, Beverly Wagreich and Samuel Wagreich, all of Salt Lake City.

Madoff's scheme went far beyond Utah's borders, including thousands of names, many of them famous, from New York to Los Angeles.

Madoff was arrested on December 10 and has been charged with securities fraud.


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Paul McHardy


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