From a press statement:
"House Democratic Leader Franklin Sands has learned in recent days that he and his wife, Leslie Sands, are included among a number of individuals, philanthropic institutions, and for-profit investment companies that have been victimized by an alleged fraud perpetrated by the New York based firm, Bernard Madoff Investment Securities LLC.
"The Sands’ have participated for more than a decade, with the input of professional advisors, in accounts managed by Bernard Madoff Investment Securities. Leader Sands said he has had no known direct contact with Mr. Madoff.
Leader Sands is determining, with the help of immediate family members, the extent of the significant financial loss and his options for recovering his investment with Bernard Madoff Securities LLC. He remains confident in his ability to serve his constituents and the members of the House Democratic Caucus.
Leader Sands stated: “Leslie and I are shocked and saddened by this devastating news. However, we are gratified by the support of our family and friends. Falling victim to this fraud will require necessary adjustments, but it will not affect my commitment to my community, my constituents, colleagues and the people of Florida.”