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Madoff targets “complicit” banks in prison interview

Bernie Madoff has stated that as yet unidentified banks and hedge funds were “complicit” in his ponzi scheme in his first interview since he was arrested in 2008.

In an interview with the New York Times, Madoff apparently reverses his previous assertion that he was the only one involved, as he now claims there was a “wilful blindness” among some of the various banks and hedge funds he dealt with.



The unnamed financial institutions in question failed to examine discrepancies between his regular filings and held an attitude which suggested ‘if you’re doing something wrong, we don’t want to know,’ according to the New York Times interview.

Despite now apparently working to help those affected by his £40bn fraud scheme, Madoff has not shared any information with federal prosecutors regarding those he considers to have been complicit.

None of those who conducted business with him have been accused of any wrongdoing in relation to the fraud.

Madoff has gone as far as to claim some of the out-of-court settlements made by a number of banks and funds were made specifically to ‘keep [him] quiet’ about any role they may have played.

Only a few members of his staff as well as his auditor have been formally charged with complicity in Madoff’s ponzi scheme.

Madoff himself is currently serving a sentence of 150 years.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Banks involved in a ponzi scheme? Are you sure?

    Now what was that saying…bears, woods…..

  2. How the hell is that F#&$£ Madoff permitted to hold court with the NYT….very poor judgement on behalf of the US Authorities. In an extended article (I read elsewhere), he’s trying to assure everybody that no other family member was in any way involved with his crime – yeah right !

    The bum has seen his family & former friends’ lives & futures crushed – and more importantly hundreds of investors lives left in financial ruin.

    So now he’s now discovered what a conscience is – too late mate – he should be muzzled !

    As for suggesting that the banks knew….well I guess they had to be pretty “closed-minded” to accept that his high investment returns were sustainable over such a long period.

    Certainly a high degree of blame rests with the US regulator (SEC), who were given substantive evidence between 2000 – 2008 from many industry professionals, including Harry Markopolos the financial analyst & independent fraud investigator
    ..all of which was apparently ignored.

    Madoff & the SEC have dragged our industry & reputation back many years !

    Ho Hum – have a good weekend everybody !

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