Madoff fraud investigation widens

[dipsydoodle]

Source: BBC News

With disgraced US financier Bernard Madoff now behind bars, attention has turned to whether others were involved in his estimated $50bn (£35bn) fraud.

While Madoff insists he acted alone, prosecutor Lev Dassin said he was investigating if others had joined in the crime.

Investigators are also continuing work to see how much of the stolen funds can be recovered.

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"We are continuing to investigate the fraud and will bring additional charges against anyone, including Mr Madoff, as warranted," said Mr Dassin.



Read more: http://news.bbc.co.uk/1/hi/business/7941464.stm

[mod mom]

1. "We were paying taxes on money that didn't exist. We paid a fortune,"

Wow...I never thought of what tax implications there might be.

[acmavm]

2. Neither did I. But then, I am hardly amongst the crowd who dumps

big money with a guy who makes impossible promises like returns of 10 to 12% every year.

[mod mom]

5. I'm wondering if the IRS will have to refund for false profits-thereby increasing

the debt on this country. 65 Billion over many years is a lot of refunding.

[davepc]

6. The refund window is something like 3 years. Anything past that then they're out of luck.

If I was a politician trying to score brownie points with voters I'd introduce a bill that would refund taxes paid on phantom income in cases of fraud like this.

[mod mom]

7. The whole stock market is a sham, so that's a lot of buckaroos.

[tularetom]

3. There's got to be others involved

Maybe this net will catch a big fish or two. I can't believe it's possible to pull off something this huge without help. The possibilities for complicity are endless.

[acmavm]

4. Forgot add this to my previous post: I hope that this makes Madoff

a little bit more helpful when it comes to finding the money. If he thinks that just maybe his confession isn't enough to keep his precious family out of trouble, he just might try a little harder and show a little more contrition.

[wackywaggin]

8. Simply put the IRS will determine

the ammounts paid to Madoff as gambling gains which are taxable, and losses as gambling debts, which are not deductable. Therefore no tax recovery will be forthcoming.

[Xolodno]

9. Hmmmm....

Let me guess...

He will be more than willing to start divulging names, provided certain prison luxuries, weekend furlough, reduced sentence, etc. are given to him.

[Gin]

10. I thought it was odd to have an attorney who's family lost money in the schemes

It made me wonder if they had a special deal to reimburse his family before anyone else....or some other plan. IMO

[cliss]

11. I can help them.

Bernie Madoff did not act alone. That's pretty clear, given the scope of his operation.

It wasn't just his wife and his kids, and an auditor.

Memo to investigators:
You can trace the money right back to the SEC. Go to Christopher Cox's bank account. See how much he got. Next, go to the previous Chair, was it Michael Pitt???

The fact that Madoff himself was a chairman of the NASDAQ should tell you something. PLUS the fact that the SEC ignored and even brushed off people who were trying to tell them about Madoff should tell you = they were in on it.