Gerald
02-16-11, 08:12 AM
Convicted fraudster Bernard Madoff has blamed others for being "complicit" in his scheme, which fleeced investors of billions of dollars.
Madoff is serving 150 years in jail in the US for a $65bn (£40bn) fraud which deprived thousands of investors of their savings.
Now he has told the New York Times a variety of banks and hedge funds "had to know" about his Ponzi scheme.
Such schemes pay out using new investor money rather than from any profits.
Madoff claimed banks and hedge funds who had dealings with his investment advisory firm showed a "willful blindness" toward his activities.
http://www.bbc.co.uk/news/business-12478740
Note: 16 February 2011 Last updated at 10:05 GMT
Madoff is serving 150 years in jail in the US for a $65bn (£40bn) fraud which deprived thousands of investors of their savings.
Now he has told the New York Times a variety of banks and hedge funds "had to know" about his Ponzi scheme.
Such schemes pay out using new investor money rather than from any profits.
Madoff claimed banks and hedge funds who had dealings with his investment advisory firm showed a "willful blindness" toward his activities.
http://www.bbc.co.uk/news/business-12478740
Note: 16 February 2011 Last updated at 10:05 GMT