I feel sorry for her. She got lousy investment advice, not something everyone is an expert on. She’s also a widow now. But she’s dusting herself off and found a job. I hope she has other family in the area that can help her out.
I feel bad for her too. I’m not comfortable with anyone who feels that Madoff’s victims deserved to lose their money even though you can argue they should have known better.
It looks to me like they allowed Madoff to have custody of their money. This is insane. If you have a money manager he should never have actual custody of your funds. The money and securities should be with a custodian (like one of the big brokerage houses)and in an acct with your name on it. The custodian, not the advisor, sends you a monthly statement of activity.
This is the most fundamental piece of info that anyone who hires a money manager is supposed to know. I can’t believe the institutions who violated it.