Criminal Charges Likely For 10 Others In Madoff Case

Jun 30 2009 | 12:11pm ET

At least 10 more people are likely to face criminal charges in the Bernard Madoff Ponzi scheme case, as the $65 billion scam’s mastermind begins his 150-year sentence.

The Associated Press, citing a person familiar with the federal probes, said the charges will come over the next few months. The AP’s source would not identify any of the likely targets, nor indicate whether employees or relatives of Madoff were among those expected to be charged.

To date, only Madoff and his longtime accountant, David Friehling, have been criminally charged, although civil dockets have filled with lawsuits against others associated with Bernard L. Madoff Investment Securities, among them actions by the court-appointed receiver in the case and the Securities and Exchange Commission. Madoff in March pleaded guilty to securities fraud, investment adviser fraud, adviser fraud, mail fraud, wire fraud, false statements, perjury, false filings with the Securities and Exchange Commission, theft from an employee benefit plan and three counts of money laundering, and was sentened to a century and a half in prison yesterday. Horowitz in March was arrested and charged with falsely certifying Madoff’s books for two decades.

Madoff continues to claim that he acted alone in running what is believed to be the biggest financial scam in history; negotiations over a plea deal with prosecutors collapsed over his refusal to accept a conspiracy charge and name his alleged accomplices. But prosecutors do not believe he ran the Ponzi scheme by himself, and have continued their investigation despite his guilty pleas in the case.

RELATED ARTICLES:

SPECIAL COVERAGE: The Bernard Madoff Scandal


In Depth

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...

 

From the current issue of