Lessons Learned From Madoff Fraud

The Wall Street Journal gives a listing of very prominent banks, investment funds, and rich investors who lost millions (sometimes billions) from Madoff's fraud:
http://s.wsj.net/public/resources/documents/st_madoff_victims_20081215.html

You should learn the following lessons from this fraud (and be better than these investors who didn't adhere to the following advice):

1. Never invest in something or someone just because of name recognition.

2. Always investigate for yourself if something is too good to be true.

3. Double, triple check. Get more than one opinion. Never trust just one advisor (broker, lawyer, accountant).

4. Never assume that just because a person has a degree/or is a specialist that they are competent, or have your best interest in mind.

5. Never assume that the specialist has done the correct planning/paperwork/advice for you.
Investigate for yourself what needs to be done.

6. For the average investor- Diversify, never invest a majority, or even a large minority, of your assets with one person, fund, stock, or company stock.

7. Most importantly, understand what you are investing in, or what you are doing at the advise of a broker/lawyer/accountant. If you don't understand it either: educate yourself about it, or don't go through with it.