NEW YORK – Investors wiped out by the Bernard Madoff scandal got more bad news on Friday: Investigators have confirmed suspicions that the monthly statements showing the disgraced financier was making stock trades for them were pure fiction.
"We have no evidence to indicate securities were purchased for customer accounts" in the past 13 years, said court-appointed trustee Irving Picard at a packed, town-hall style meeting at U.S. Bankruptcy Court in lower Manhattan.
"This is a case where we're going to be looking at cash in and cash out" — the shorthand definition of a Ponzi scheme.
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1 comment:
No wonder Madoff's always smiling he was just collecting money and spending it. At lease he had the support of his GOP friends and those in the White House. Just think of it if one person at the SEC had done their job oh that's right they did do their job. Have you notice the two biggerst criminals of today are not in jail but living the good life after being charged with these billion dollar scams. A criminals dream is to be Republican.
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