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. Read These Next Trumps ends trade talks with Canada. Gavin Newsom has filed a massive lawsuit against Fox News. New York Times ranks the best movies of the 21st century. Supreme Court is a yes on age checks for porn sites. Report an error