Posts tagged: FBI

Who Helped Bernard Madoff?

Jim Hamilton
 Dec 28, 2008

The possible investor loss of up to $50 billion in Bernard Madoff’s massive Ponzi scheme raises questions about how he managed to fool his investors for so long. These people (and institutions) were investing huge amounts of money and yet many sophisticated investors were totally fooled. Madoff’s main tool of deception must have been the statements, in print and/or digital form. Madoff’s senior executives appeared not to know about his fraudulent intentions but without their help, how was he able to manage multiple sets of books and produce convincing statements? Outside of accountants, who else could have been his accomplices (willing or otherwise)? Read more »

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