The WSJ reports that at a meeting for Madoff investors held today in the U.S. Bankruptcy Court, the trustee overseeing the liquidation of Madoff's firm stated that "his investigation has found no evidence that any securities were purchased on behalf of customers in at least 13 years."

Read that again.

No evidence that any securities were purchased on behalf of customers in at least 13 years!

The trustee has already received claims from Madoff 2,350 customers so far. If the trustee's statement is correct, that means that every one of the trades listed on every statement of thousands of customers over at least the last 13 years has been simply made up by someone at the Madoff firm — just complete, straight up fiction.