From Prison Madoff Says Banks Knew Billion Dollar Fraud

In his first interview after his arrest in December 2008, the fraudster Bernard L. Madoff said the banks knew of his scheme and called institutions complicit. The story of former Wall Street financier was published on Wednesday by the website of The New York Times. 

Bernard Madoff, 72, is serving a sentence of 150 years in prison after admitting guilt in the case in March 2009. The fraudulent investment scheme operated for decades and moved up to U.S. $ 65 billion. The proportion of the scandal has shaken investor confidence in financial market regulators. 

According to the publication, Madoff said the unidentified banks and hedge funds were somehow “complicit” in his fraud – a turnaround from earlier claims that he was the only person involved. According to The New York Times, Madoff said: “They had to know. “But the attitude was a kind of ‘If you’re doing something wrong, I do not know’.” 

Madoff spoke with great fluency and intensity of their relationship with several banks and hedge funds, pointing to his “willful blindness” and its failure to analyze the discrepancies between official documents and other information available to them. 

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Madoff spoke with great fluency and intensity of their relationship with several banks and hedge funds, pointing to his “willful blindness” and its failure to analyze the discrepancies between official documents and other information available to them. 

In the interview, he also lamented the fact that his scheme have caused a collapse and destruction to his family. On December 11 one of his sons, Mark Madoff, 46, who was being investigated for involvement, killed himself in his apartment in New York. 

Mark’s father worked at the firm since 1987, after graduating from the University of Michigan. He and his brother, Andrew, were under investigation in the fraudulent investment scheme that caused his father to prison. They worked in an area of exchange for the family firm that was not directly related to the so-called Ponzi scheme. 

A year ago, appointed by the court to consider all the finance Madoff indicted several family members, including siblings, for not noticing the fraud billionaire’s fortune while abusing illegally obtained. 

The case accuses Mark of use $ 66 million received for illegally buying luxury homes in New York, Massachusetts and Connecticut. In February, Mark’s wife has filed to change his last name, saying that his family received threats and was humiliated by the scandal. 

The public anger with crime also included Mark, his mother and brother. The media constantly speculate about the arrest of the other core members of Madoff and many articles talked about the supposed knowledge, if not participation, in their scheme.

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