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Bernard Madoff's advice to investors? Don't invest in stock market

March 20, 2014 at 1:54 PM   |   Comments

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BUTNER, N.C., March 20 (UPI) -- Bernard Madoff, who pleaded guilty to orchestrating the biggest Ponzi scheme in U.S. history, advised investors to steer clear of the stock market.

Madoff, serving a 150-year sentence at a medium security prison in Butner, N.C., also said he regrets losing his family once the Ponzi scheme came to light and complained Irving Picard, the trustee tasked with overseeing the recovery of lost money, will claim credit "for everything," Politico reported Thursday.

During his interview with Politico at the prison, Madoff didn't express remorse for the disproportionate havoc he caused Jewish clients.

"I don't feel that I betrayed the Jews," he said.

Madoff said he has adjusted from being a high roller to being a prisoner, but said he was bored.

"It's actually very pretty," he said of prison facility. "More like a college campus."

Madoff said he misses "everything," but the estrangement from his family was hardest to bear,

"I don't have anything to live for," he told Politico, saying he wasn't afraid of dying.

Asked for investment advice, Madoff said: "I certainly wouldn't invest in the stock market. I never believed in it. Most people lose money because of the emotional difficulty involved."

A jury in New York is deliberating whether five of Madoff's former employees participated in the fraud and Madoff insisted they knew nothing about his scheme and were merely "following instructions from clients."

Madoff told Politico he hasn't changed.

"There's nothing for me to change from. It's not like I ever considered myself a bad person," Madoff said. "I made a horrible mistake and I'm sorry."

His victims found no comfort in Madoff's apology.

"He never tells the truth," Miriam Siegman, 70, who lost her life's savings in the Madoff scheme, told Politico. "He manipulates it to exonerate himself in some way. He's a master manipulator."

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