Prosecutors launch Madoff investigation into bank and investigation company
April 7th, 2010 - 4:54 am ICT by BNO News
HARTFORD, CONNECTICUT (BNO NEWS) — Connecticut Attorney General Richard Blumenthal on Tuesday said that his office and the State Department of Banking is conducting a ‘wide-ranging’ investigation into allegations that a bank and an investment company abetted Bernard Madoff’s Ponzi scheme.
Blumenthal said Westport National Bank, PSCC Services, Inc. and its owner - Robert L. Silverman - are under investigation. They allegedly aided and abetted Madoff’s illegal operations, which has been described as the largest Ponzi scheme in history.
“My office is working with the Department of Banking to conclude our months-long investigation, and I am preparing possible legal action,” Blumenthal said. “Our investigation is focused on allegations that Westport National Bank, PSCC and Mr. Silverman operated investment funds that fed cash into Madoff’s massive fraud, skimming off millions of dollars in fees for themselves.”
Blumenthal said he expects to make a decision soon regarding possible legal action to recover money stolen from investors, including illegitimate and illegal fees.
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