I did not question what I should have questioned." Swain accepted the plea terms, but suggested that Friehling be forced to pay part of the overall 0 million forfeiture arising from the fraud.
Swain said that she did not believe Friehling's nonfeasance took place "in a vacuum," and felt the forfeiture was necessary to hold the defendants to account even though it will likely never be repaid in full. Madoff, Chief Compliance Officer, worked with his brother Bernie for more than 40 years, and ran the daily operations for the past 20 years.
Investigators are looking for other participants in the Madoff investment scandal besides Bernard Madoff who were involved in the Madoff investment scheme, despite Madoff's assertion that he alone was responsible for the large-scale operation.
Harry Sussman, an attorney representing several clients of the firm, stated that "someone had to create the appearance that there were returns," and further suggested that there must have been a team buying and selling stocks, forging books, and filing reports.
James Ratley, president of the Association of Certified Fraud Examiners said, “In order for him to have done this by himself, he would have had to have been at work night and day, no vacation and no time off. In 2000, Madoff began to add staff and expand the operation, and loaned the business .5 million. Cohn had shares of Madoff Holdings Ltd., a predecessor to the current London firm. Cohn held 35,624 non-voting shares, some of which he transferred to "BL Madoff" in 1998, and the rest that he "disposed of" in 2004. Konigsberg prepared the tax returns of foundations of six other families, many of which have lost millions, even hundreds of millions, of dollars.
He would have had to nurture the Ponzi scheme daily. Who handled it when somebody called in while he was on vacation and said, ‘I need access to money’? He had a staff of 25, including traders, managers and support. Madoff and Cohn were shareholders in Cohmad Securities, which steered investors to Mr. Paul Konigsberg, a New York City accountant and a longtime friend for more than 25 years, prepared two Madoff Family Foundation tax returns, and received the non-voting shares, valued at ,000. He also represented scores of individual Madoff investors. Konigsberg's firm has received a civil subpoena from the SEC.
Anthony Barkow, a former federal prosecutor in New York City who is currently a partner at Jenner & Block LLP was quoted as saying “Bernie Madoff claiming that he acted alone was ridiculous. Prosecutors are continuing to probe Madoff family members and employees. Konigsberg held Madoff accounts under his name including two in the name of the Westlake Foundation. and Judith Konigsberg are officers and directors of the foundation. District Court Judge Laura Taylor Swain agreed with prosecutors that Konigsberg did not know about Madoff's scheme and had cooperated fully with investigators.
His surrender was clearly a strategy to try to insulate his family and co- conspirators and made it more difficult for the government to make the case, so it’s taken time but they’ve shown that they’re clearly working on it.” Stanley Chais, a philanthropist who invested heavily with Mr. Shapiro, one of the money manager's oldest friends, are among at least eight Madoff investors and associates being scrutinized by the U. Others include: Frank Avellino, a Florida accountant who ran an investment fund that invested client money; Noel Levine, a real-estate investor who works out of a two-room office on the 17th floor, next door to Madoff's fraudulent investment operation, and Palm Beach investor Robert Jaffe, a son-in-law of Mr. are seeking evidence of money laundering involving the London business, Madoff Securities International Ltd., which opened in 1983 as a separate legal entity from Mr. He owns homes in his wife, Judith's name in Greenwich, Connecticut and Palm Beach Gardens, Florida. Swain ruled that Konigsberg had earned lenience from federal sentencing guidelines and did not have to serve any time in prison. task force that Konigsberg and Levy, a real-estate mogul and philanthropist are believed to be involved in an international transfer of money.
According to the American Institute of Certified Public Accountants (AICPA), Friehling was enrolled in their peer-review program, but was not required to participate because he advised the group that he had not conducted audits for 15 years. Calling himself a victim of Madoff, he faced a possible sentence of 20 years. Friehling avoided prison because he cooperated extensively with federal prosecutors and because he had been unaware of the extent of Madoff's crimes.Peter Madoff helped create the computerized trading system used by the firm and his daughter, Shana Madoff Swanson, worked for him at the firm as a rules and compliance officer and attorney.In 2007 she married Eric Swanson, whom she had met as he was conducting an SEC review of the firm in 2003 as an SEC Assistant Director.Ruth and Bernie Madoff had an intimate relationship with Levy and his wife, Betty.Madoff was long known to have been Levy's "fixer," obtaining everything from choice restaurant reservations to emergency medical care.