Monday 5 December 2016

Banks knew of $10bn scam, claims disgraced Madoff

Bob Deavney in NewYork

Published 17/02/2011 | 05:00

Disgraced Wall Street financier Bernard Madoff claimed yesterday that banks and hedge funds were "complicit" in his scheme to fleece victims out of billions of dollars.

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He declined to name any institutions but said banks and hedge funds "were complicit in one form or another".

He said they failed to scrutinise the discrepancies between his regulatory filings and other information. "The attitude was sort of, 'If you're doing something wrong, we don't want to know."'

Madoff (72) spoke in an interview via email from Butner Federal Correctional Complex, in North Carolina, where he's serving a 150-year sentence.

He touched on subjects including the effect of his crimes on his family, his son Mark's suicide and the effort to recover money for his victims. About $10bn (€7.37bn) has been recovered.

Irish Independent

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