More Madoff Money Found, Deadline Looms

By Anthony Silva, WBZ News Radio

BOSTON (CBS) – A day after Boston philanthropist Carl Shapiro and his family agreed to return more than half-a-billion dollars in profits, efforts to recover millions more in the Bernie Madoff Ponzi scheme are heating up and going international.

The trustee in the case has filed papers in a London court seeking to recover at least 80-million-dollars from the international arm of Madoff’s corrupt empire.  And there is much more ahead.

Trustee Irving Picard has filed suit to recover money that was used by the Madoffs to buy a huge yacht, a home in Southern France and an Aston-Martin sports car.

WBZ News Radio Anthony Silva reports.

Picard says the London office “was a critical piece of the facade of legitimacy” that Madoff constructed over decades.

Picard accuses directors of the London office of signing off on documents and misrepresenting transactions they knew were all fake.

Meanwhile, the Madoff lawsuits face an important deadline this weekend.  In an exclusive interview, the President of the “Securities Investor Protection Corporation” in New York, Stephen Harbeck, who is working with Madoff Trustee Irving Picard says, “he is up against a deadline of December 11th to use the tools that the bankruptcy code and the Securities Investor Protection Act give him.”

Harbeck says Picard will soon announce settlement agreements in excess of one billion dollars and they will soon be presented to the Bankruptcy Court.

Harbeck says the Trustee has filed suit against a number of banks that should have known about the ongoing fraud, the largest Ponzi scheme ever unearthed in the United States.

  • cynic

    If Mr.Shapiro had had more experience with finance he would have known that something was wrong.

  • More Madoff Money Found, Deadline Looms ” CBS Boston – News … -

    […] View full post on HERE […]

blog comments powered by Disqus
Taz Show
Download Weather App

Listen Live