Larry King lost $700K by investing with Bernie Madoff, but was able to get it back (Video)

By Daniel S Levine,
Larry King speaks during the opening of the Soumaya museum in Mexico City March 1, 2011. The world's richest man Carlos Slim inaugurated the massive museum in Mexico City on Tuesday to house his eclectic collection of art ranging from pre-Hispanic pieces to sculptures by French masters. REUTERS/Henry Romero (MEXICO - Tags: SOCIETY ENTERTAINMENT)

The new 60 Minutes interview with Ruth Madoff, where she reveals that she and her husband Bernie, the engineer of one of the largest Ponzi schemes in history, tried to commit suicide has energized his victims into complaining that the family is looking for sympathy. Madoff scammed everyone from average people to celebrities. One of those celebrities was television legend Larry King, who revealed in an interview that he invested $700,000 with Madoff and almost invested everything he had.

According to The Associated Press, in an interview with Extra, he and his wife were able to get the $700,000 back from the Madoff estate, while the rest came from the government because of taxes they paid on stock they never had.

In the interview, King says that his wife, Shawn, actually suggested putting their entire life savings in Madoff’s hands, but, “We didn't. We stayed with our investment people, thank God.”

King was one of the lucky ones though. Most people who invested with Madoff have not been able to get all their money back. “We got it back, but a lot of people sure didn't.” King noted.

As for Ruth Madoff’s decision to speak, King says that he understands her decision and believes that she is telling the truth when she says that she did not know about the scheme as it was happening. “Of course, she's doing it to help the book her daughter-in-law has written about the other son's suicide. If you're going to sell a book, you're going go to the New York Times and "60 Minutes," so that's why I think she's come forward,” he said.

You can watch the full interview here:

video platformvideo managementvideo solutionsvideo player


Join Our Newsletter

Popular Threads