HorseRaceInsider.com – Richard Shapiro, former chairman of the Califorinia Horse Racing Board, has been "devastated" financially by the $50-billion Ponzi scheme that was engineered by Bernard Madoff, according to a letter that Shapiro wrote to a U.S. Congressman.

"Nearly all of my life’s work, savings and pension evaporated on December 11, leaving me in desperate financial straits," Shapiro said in the letter to Brad Sherman, a Democrat who represents the San Fernando Valley, an area where Shapiro lives. The letter was dated January 12.

In the letter, Shapiro asked Sherman to pursue Congressional relief that might help him and other victims of Madoff, who has confessed to defrauding dozens of clients from his company’s New York offices. One of Shapiro’s proposals is to allow Madoff victims to claim credit for back taxes that they paid on paper profits that didn’t really exist.

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back taxes, bernard madoff, brad sherman, congressman, democrat, dozens, horse racing, paper profits, ponzi scheme, proposals, richard shapiro, san fernando valley