Word: madoff
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Over the course of 20 years, a person like Madoff could have stashed away a lot of bearer bonds, for a lot of money, in a lot of places. But what about the money trail? Couldn't transaction records lead investigators to these caches? "You'll likely see an amazing loss of memory and material in the months ahead," says the Treasury Department expert. "Computers will be lost, fires will be started, records and books destroyed. It always happens...
...guilty conscience, billions to play with and oodles of time is the perfect recipe for massive deception, according to Christopher Reich, best-selling author of financial thrillers such as Number Account and the recent Rules of Deception. "Madoff had decades to prepare for this day, and it's likely he's hidden considerable assets," says Reich. "Numbered accounts in Swiss banks are no good today; the Swiss cooperate too much." Instead, a white-collar fraudster like Madoff could create multiple phony investment-advisory businesses in foreign countries, similar to legitimate businesses he's actually working with. Says Reich...
There is no way investigators will ever find all the Madoff money, the author says. Remember, Enron used some 900 foreign accounts to manage its money. "There just isn't enough manpower to go through all the legal hurdles to track it down," Reich says. The money is there, hidden away, he says, maybe $40 to $80 million, and you can bet some family member...
...course, plain old-fashioned "gifting" on a massive scale over the years from Madoff to his children could also keep his unjailed clan in the lush life for a long while...
Perhaps investigators can take note from Captain Kidd, who in the late 1600s - and not far from Madoff's Montauk estate - roamed northern Long Island and Gardiners and Block islands, burying his stolen treasure. Maybe SEC investigators and Madoff's many thousands of victims should bring shovels and start digging, fast...