Madoff's CFO "Can Pull The Curtain Back On A Fraud"

2009_08_madcurt.jpg Now that Bernard Madoff's purported CFO Frank DiPascali has pleaded guilty to charges related to the $65 billion Ponzi scheme, speculation has begun about what he might be able to tell the feds. DiPascali's lawyer Marc Mukasey said in court that his client could be a cooperator "of a historic nature, somebody who can pull the curtain back on a fraud and answer a lot of questions"—the ones that "the whole world wants to be answered." The NY Times said that the feds have been look at some Madoff investors who are suspected of knowing they were participating in a Ponzi scheme. In other Madoff news, there's a tell-all book coming from a Madoff victim—and former extramarital fling! Bloomberg News reports that Sheryl Weinstein, an accountant whose family lost their savings, says she met Madoff 21 years ago when she was CFO at the Hadassah, the Women’s Zionist Organization of America Inc, "I now view that day as perhaps the unluckiest day of my life because of the many events set into motion that would eventually have the most profound and devastating effect on me, my husband, my child, my parents, my in-laws and all of those who depended on us."

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Details on how they ran the fraud will be interesting, but far more informative would be an investigation of the apparent inaction of the SEC when allegations of Madoff's wrongdoing were brought to them *several* *times.*

How can the SEC let stuff like this slip by repeatedly?

Boo hoo. And until you lost your shirt Sheryl (pun intended), it was not a problem.

Unfortunately, nobody likes to get scammed. If due diligence wasn't used then you have to pay the piper. If you never took any money out (to buy a car, a weekend place, pay for college tuition or a long vacation) then you evidently had enough to live on. However, if your 401K was there, then I can empathize with you.

It might be worth picking up Weinstein's book, after all.

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