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Madoff scheme continues to unfold

March 23, 2009 — 2:04pm ET | By Jim Kim

There's a lot of nervousness in the Bernard Madoff orbit right now. Madoff has tried to portray himself as the sole mastermind behind the massive scheme, but prosecutors and investigators are not buying it. With the indictment of David Friehling, Madoff's auditor for nearly 20 years, the government has made clear that it is pursuing the case in many directions. Victims certainly hope that any enablers are brought to justice. There were may feeder funds that existed to acquire assets for Madoff.

The family of Madoff is attracting more attention as well, especially his wife Ruth Madoff, as the Financial Times notes, prosecutors are treating her assets as if they were his. Madoff's sons are also being looked at, as the trustee overseeing the case has said there was no real distinction between the securities business and the fraudulent advisory business.  

For more:
- here's the article

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Comments

By Anonymous | Posted 10:18am | March 25, 2009

Madoff and his family have direct relationships with individuals in the SEC. Some of these relationships are in ‘oversight’ areas of the organization. Are we to believe a $65bb fraud scheme perpetrated over 20 years ($3.25bb a year-if you average it) was never noticed by anyone at the SEC? The exposing, capture, and prosecution of all enablers is a pleasant thought in a utopian society, but we as a society are capitalists, you simply do not prosecute the overseers, we never have and we never will. In this particular instance, we would denigrate the organizational character for handling fraud internationally, if a family member or friend were involved.

This case is too personal for the SEC, all the enablers will not be sought. We will, as we always have, continue forward and sometime in the future, there will be an irrelevant set of regulations enacted by the SEC related to transparent oversight.

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