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Madoff Must Have Had Help, Lawyers Say, Citing Trustee Report

David Glovin, David Voreacos and David Scheer Bloomberg.com 02/24/2009 13:54
Madoff Must Have Had Help, Lawyers Say, Citing Trustee Report - USA - Bernard Madoff - crime - fraud

A bankruptcy trustee’s finding that Bernard Madoff didn’t trade any securities for more than a decade may show that the money manager couldn’t have acted alone in what the U.S. alleged was the largest Ponzi scheme in history.

Madoff was arrested for securities fraud on Dec. 11 after confessing that his firm was “one big lie” and that the $50 billion scam was “all his fault,” according to an FBI affidavit. He told a federal agent that he’d “personally traded” for clients, according to the complaint.

Irving Picard, the trustee liquidating Madoff’s New York securities firm, cast fresh doubt on his claim with a Feb. 20 presentation to investors. Picard said he found no trace of stock trades on their behalf by Bernard L. Madoff Investment Securities LLC for as much as 13 years.

James Ratley, president of the Association of Certified Fraud Examiners, said he’s convinced Madoff was lying to the FBI. The New York money manager must have had help if he defrauded thousands of clients as prosecutors claim, Ratley said.


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