Billions Withdrawn Before Madoff Arrest

Billions Withdrawn Before Madoff Arrest

www.nytimes.com

About $12 billion was pulled out of accounts at Bernard L. Madoff’s firm in 2008, according to several people briefed on an analysis of Mr. Madoff’s business records.

About $6 billion, or half, was taken out in just the three months before the financier was arrested in December and charged with operating an extensive Ponzi scheme, these people said.

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Will all this money be returned to the tax payer? Or will some Swiss bank keep it under wraps till Madoff comes out again?

It is sad that such frauds work in US still, and that while Madoff has billions with him (he faces 150 years in prison), for innocent, defrauded investors it was their hard earned money that might not be returned to them.

www.nytimes.com
(visit the link for the full news article)

[edit on 12-5-2009 by sunny_2008ny]