Bernard Madoff says banks knew of Ponzi scheme

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

02-16-11, 08:12 AM	#1
Gerald SUBSIM Newsman Join Date: May 2008 Location: Close to sea Posts: 24,254 Downloads: 553 Uploads: 0	Bernard Madoff says banks knew of Ponzi scheme 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 __________________ Nothing in life is to be feard,it is only to be understood. Marie Curie