Burt Ross, former mayor of Fort Lee, N.J., lost roughly $5 million in the Bernard Madoff fraud that swindled billions of dollars from investors. National mortgage expert Joe Gross gets a first-hand account of the story everyone is talking about on his weekly radio show.
Teaneck, NJ -- (ReleaseWire) -- 01/22/2009 -- National mortgage expert Joe Gross hosts a victim of the Bernard Madoff scheme on his weekly radio show 'Your Home, Your Future,' on Thursday (Jan. 22) on WVNJ 1160 AM at 1 p.m. Burt Ross, former mayor of Fort Lee, N.J., shares his story on how he was swindled out of roughly $5 million. Listeners in northern New Jersey, Rockland and Westchester Counties, parts of New York City, Long Island, and Connecticut can tune in for a special one-and-a-half-hour show on 1160 AM WVNJ or anyone can listen live on the Web at http://www.YourHomeYourFutureRadioShow.com.
"I want to talk to people about the lessons we have learned from this," said Mr. Gross, president of Qualified Mortgage Inc. "The main lesson is if it's too good to be true, it usually is."
Mr. Madoff's Ponzi scheme may be the largest investor fraud ever committed by one person with an estimated $50 billion dollars lost in securities fraud. New victims come forward every day, including actor Kevin Bacon, wife Kyra Sedgwick, and actor John Malkovich. However, the list does not end there. Mr. Madoff duped dozens of banks, which had hundreds of customers investing billions of dollars.
Burt Ross wants to tell his story to provide support for other Madoff victims. He amassed a property portfolio of 13 commercial buildings. After he sold 11 of the buildings by 2005, he invested most of the proceeds with Mr. Madoff, who in turn made off with about $5 million.
Mr. Ross said he hopes he will not have to move out of the Victorian home where he has lived for 33 years. He was depending on his investment with Mr. Madoff to cover his $50,000 a year in taxes and expenses related to the house.
"Madoff is the perfect example of a person you trusted. People trusted him with billions of dollars," Mr. Gross said. "But you have to realize, if everyone is losing money in this economy there is no way someone can be making 10 to 12 percent."
Mr. Gross has worked in the mortgage industry for over 10 years and specializes in helping people get out of debt and establishing monthly budgets. His shows have focused on teaching and giving tips on dealing with debt, investments, mortgages and how to survive in this mortgage market collapse. Mr. Gross does not want to see others fall into the same hazards as the Madoff victims, which is why his usual 30-minute show will be a one hour special on Thursday, January 22, 2009.
About Joe Gross:
Joe Gross is the president of Qualified Mortgage Inc., and author of "How the Greed of Wall Street and Your Mortgage Lender Are Destroying America's Credit." After listening to horror stories about homeowners stuck in the mortgage crisis, Mr. Gross wrote the book to explain subprime mortgages and tell consumers how they can protect themselves.
Joe Gross is available for interviews and welcomes your mortgage-related questions. He can be reached at 800-653-2684 or at http://www.thenationalmortgageexpert.com