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Investigators Checking Offshore for Bernie Madoff’s Cash

One thing for sure: Bernie Madoff made a lot of money. One
Bernard Madoff/youtube

Bernard Madoff/youtube

thing that is unclear: Where the hell is that cash?

By James Doran
The Observer
NEW YORK
— The hunt for funds allegedly cheated out of investors by Bernard Madoff, who faces fraud charges in New York, has turned to offshore tax havens where investigators believe he may have salted away hundreds of millions of dollars.
Stephen Harbeck, chief executive of America’s Securities Investor Protection Corporation (Sipc) and official receiver of Madoff’s now defunct brokerage business, said the hunt for funds was likely to spread all over the world. “We will trace funds wherever the trail goes,” he said on the steps of the US Bankruptcy Court for the Southern District of New York.
Sources close to the investigation said forensic accountants examining Madoff’s books believed he had regularly sent large sums of money to offshore accounts in the Caribbean and Europe. “There are accounts at New York Mellon Bank that we have been looking at that appear to have sent and received money from offshore locations,” a senior source said. Tracking down the money investors entrusted to Madoff is likely to be one of the longest and most complicated financial investigations on record.
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Time December 28, 2008 at 12:36 am

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