Banks, hedge funds were somehow “complicit” in massive Ponzi scheme, says Madoff
February 16th, 2011 - 6:17 pm ICT by ANINew York, Feb 16 (ANI): Bernard L. Madoff, the man who is serving a 150-year sentence over defrauding people of billions of dollars while operating a vast Ponzi scheme that began at least 20 years ago, has said that in a prison interview that various banks were ‘wilfully blind’ to his crimes.
“They had to know. But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know,’ ” The New York Times quoted Madoff, as saying.
He also stressed that unidentified banks and hedge funds were somehow “complicit” in his massive Ponzi scheme, but failed to examine discrepancies between his regulatory filings and other information available to them, the paper said.
Madoff further said that he came to know about e-mails and messages, which are now emerging in lawsuits, that indicate that the bankers had raised doubts about his scam.
“I’m reading more now about how suspicious they were than I ever realized at the time,” he said.
His son’s, Mark, step of committing suicide in December last year appears to have had a great impact on Madoff, who insisted that his family members were unaware of his crimes.
Besides that loss, his family also has faced a number of lawsuits, the potential forfeiture of most of their assets, and relentless public suspicion and enmity that separated him, and his wife, Ruth, from their children, the paper added.
Earlier, Madoff was charged with 11 felony counts, including securities fraud, money laundering and perjury. (ANI)
- Two former employees of Bernard Madoff arrested - Nov 19, 2010
- Ponzie King Madoff's possessions auctioned in New York - Nov 14, 2010
- Bernard Madoff's Beneficiary Jeffry M. Picower's Estate To Return $7.2 Billion - Dec 18, 2010
- Bernard Madoff's son, Mark, found dead on second anniversary of father's arrest - Dec 11, 2010
- Bernard Madoff's Son Mark Madoff Found Dead In His Apartment - Dec 12, 2010
- Ponzi king Madoff paid nine billion dollars to pals before his arrest - Jun 22, 2010
- Bernie Madoff's Boxers Anyone? - Nov 12, 2010
- New York ponzi scheme accused Madoff could spend 150 years in prison - Mar 11, 2009
- Madoff Claims To Have Secret $9 Billion Stash - Jun 21, 2010
- Bernie Madoff's items including boxers to be auctioned off - Nov 12, 2010
- Bernie Madoff Accomplice Sonja Kohn Outed - Dec 11, 2010
- Ponzi King Madoff's son found dead in New York apartment - Dec 12, 2010
- Bernard Madoff says that banks knew about his Ponzi scheme - Feb 17, 2011
- Auction of Bernie Madoff's items raises $2 million - Nov 15, 2010
- Bernie Madoff: 'I feel safer in prison' - Oct 27, 2011
Tags: billions of dollars, committing suicide, crimes, discrepancies, doubts, enmity, family members, felony, forfeiture, hedge funds, lawsuits, madoff, money laundering, new york times, perjury, ponzi scheme, regulatory filings, securities fraud, suspicion, wife ruth