In Aspen, Madoff losses could approach $1 billion

(Fortune, Aspen, Colorado): "The upscale resort community has a population base of under 6,000, but reports over the past week reveal that dozens of residents have been undone by the $50 billion Ponzi scheme allegedly perpetrated by Madoff.

• According to local asset managers and lawyers, these families have lost upwards of $1 billion. Some have seen up to 95% of their life savings disappear in the past few days -- both long-time locals and part-timers are affected....

One very wealthy couple has already put their house on the market and moved in with their grown kids. Then there's the guy who smelled the recession coming,

• sold his expensive home here at the height of the market frenzy and, yes, invested it all with Madoff. Today -- no home, no money....

Though no one was willing to divulge their name due to upcoming legal suits and the fear of being forced to return assets made through Madoff in earlier years, some did share their stories.

• One couple who has lived in Aspen for 25 years was able to retire early with their small real estate business and their investments with Madoff. Now, at ages 59 and 64, they'll have to go back to work and sell their home."...photo from Fortune

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