January 8. 2009

Bernard Madoff pictured right (photo courtesy of the New York Times)

At the time of his arrest, disgraced financial broker Bernard Madoff, was found with $173 million in signed checks that he intended to distribute to family and friends, from money he bilked investors out of in a terrible ponzi scheme.

The audacity of this man is astonishing. However, most people who engage in financial crimes, often try to hide money in off shore accounts and unlawfully transfer their assets to family and friends, in a last ditch bid at protecting stolen goods from the charging government.

However, this seldom works, as governments will layout terms so painful and unfavorable, the assets end up seized and the charges against the guilty, sometimes multiplied, for the concealment.   

In other news, the British government is investigating whether Madoff engaged in criminal activity on their shores using UK corporations.

Bernard Madoff prepared $173m cheques for associates

Investigators searching the office desk of Bernard Madoff after his arrest found about 100 signed cheques, totaling about $173 million, ready to be sent to family, friends, and employees, prosecutors said today.

Assistant US Attorney Marc Litt in Manhattan made the disclosure in a letter submitted today to US Magistrate Judge Ronald Ellis, as part of a renewed request for the judge to jail Mr Madoff prior to his trial...

http://business.timesonline.co.uk

Serious Fraud Office launches probe into British links to $50bn Madoff scandal

Probe: The Serious Fraud Office is approaching Bernard Madoff's former employees to trace who has been hit by the alleged fraud in Britain

Investors and former employees will be quizzed after the Serious Fraud Office launched an investigation into the British activities of alleged multi-billion-pound fraudster Bernard Madoff.

Officials will focus on investors who lost huge sums when Madoff's financial business collapsed, the SFO said.

Investigators are approaching former employees as they work to trace those hit in Britain.

They appealed for investors or other financiers involved with Madoff's operations in the City of London and elsewhere to come forward...

http://www.dailymail.co.uk