Post Star reports Madoff scam hits farms in Saratoga County

The Glens Falls Post Star is reporting today that a pair of thoroughbred horse farms in Saratoga County will likely be sold because the owner was hit by Bernard Madoff’s alleged Ponzi scheme.

Jeffrey Tucker owns more than 400 acres of farmland at two locations, but his investment firm reportedly lost more than $7 billion in the scam.

Here’s the Post-Star’s treatment:

Tucker’s investment firm placed $7.5 billion of its clients’ money with Madoff’s company. Fairfield Greenwich Group learned in early December the money was included in the fraudulent “investments” made by Madoff.

According to the newspaper, the farms are home to dozens of racehorses and one of the sites includes “the state’s first synthetic racetrack surface.”

No sale price has been listed.

Tags: economy