Palm Beach is pure escapism – the wealthy elite’s retreat from colder climes and from the rest of us.
It’s an unreal world where cultures and egos clash and cachet comes from spending big – whether it’s on Ferraris or philanthropy. For Bernard Madoff, the man who may have committed one of the world’s biggest frauds, it was rich pickings. These days his Palm Beach home lies empty. Consistent returns He’s not been indicted yet, or entered a plea – but in the parallel civil case Mr Madoff has agreed not to contest fraud charges brought by US regulators.
The list of victims is immense, international and growing – at least 13,500 different accounts according to bankruptcy court documents. One of those caught up in his web of deceit is part-time Palm Beach resident, Seymour Scharer.