Word: madoff
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...Please accept my profound apologies for the terrible inconvenience that I have caused over the past weeks.' BERNIE MADOFF, the Wall Street broker accused of operating a $50 billion Ponzi scheme, in a letter to his neighbors published a day before a federal judge allowed him to remain free on bail...
Despite the missing billions and plenty of how-could-this-have-happened awe in the media, the actual prosecution case against Madoff may be pretty straightforward. He has already admitted guilt to a federal agent. What's more, Madoff is reportedly trying to negotiate a plea agreement that could conclude the fraud case against him without a trial. But that's just the beginning of Litt's work. Madoff took as much as $50 billion from investors around the world, working with dozens of feeder funds and other middlemen to lure money into his scheme. Litt will have to decide...
What's more, Litt faced a setback this week when the judge refused to revoke Madoff's bail, after Litt revealed Madoff had sent more than a million dollars worth of jewelry to relatives in December. Some observers speculate prosecutors were using the threat of immediate jail time to pressure Madoff to give details on others who may have been involved in the fraud. On Wednesday afternoon, Litt returns to court again to argue that Madoff needs to be put behind bars...
...real difficulty is that the fraud was so large and there is a highly motivated group of people who want to see this case adjudicated," says Barkow, who is now the executive director the NYU School of Law's Center on the Administration of Criminal Law. "Madoff is easy. The ring of people around Madoff is a much tougher case...
Earlier this week, Litt decided to delay bringing the Madoff indictment in front of a grand jury. Observers say he will use his additional time to investigate who else may have been involved in the crime. Those who know Litt say he will dig deep into the evidence to determine who else was complicit in the fraud...