Money / Securities and Exchange Commission Doubt Cast on $50B Figure in Madoff Case Insiders think real losses closer to $20B; no one really knows By Newser Editors and Wire Services Posted Mar 6, 2009 9:35 AM CST Copied In this Wednesday, Jan. 14, 2009 file photo, Bernard L. Madoff leaves Federal Court in New York. (Stuart Ramson) Bernard Madoff and $50 billion. His name and that number have become inseparable in describing the enormity of what has been called the largest white-collar fraud in history. Investigators claim Madoff himself told them that he stole $50 billion, but it is becoming increasingly clear that the number may be as fictitious as the sprawling fraud he allegedly ran. A growing number of people involved in the case are saying that the actual loss to investors could be far less than the mind-boggling total often treated as fact. The actual number is not known at this point, but some believe it's less than $20 billion. The president of the Securities Investor Protection Corp. said he believes the $50 billion estimate is unreliable because it "includes entirely fictitious profits" that Madoff said he brought investors over the years. (More Securities and Exchange Commission stories.) Report an error