Wednesday, 28 January 2015
Last updated 3 hours ago
May 3 2010 | 12:05pm ET
Federal prosecutors are preparing several new indictments in the Bernard Madoff Ponzi scheme case, possibly including long-awaited charges against members of the arch-fraudster’s family.
First up are charges against two former employees of Bernard L. Madoff Investment Securities. It is unclear which employees will be charged—or what they will be charged with. To date, four former Madoff employees have been charged: CFO Frank DiPascali, operations director Daniel Bonventre and two computer programs. Madoff’s auditor, David Friehling, has also been charged.
Authorities have long looked at Madoff’s family, in particular his sons and brothers, all executives at the firm, potentially played in the $65 billion fraud that sent Madoff to prison for 150 years. Charges were reportedly imminent after Labor Day last year, but never materialized.
Now, however, the Associated Press reports that brother Peter Madoff and sons Andrew and Mark are likely to face tax fraud charges later this year. Authorities apparently still don’t believe their protestations that they had nothing to do with the Ponzi scheme, but have yet to find any solid evidence to confirm those suspicions.
Madoff’s kin have fervently denied any wrongdoing in the case, one of his sons reportedly going so far as to cut off ties with his father. But the three, along with Madoff’s niece, have been sued by the court-appointed receiver in the case.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…