The net is going to get wide, when the fraud is alleged to be $50 billion. In tonights WSJ:
As the alleged scheme is untangled by investigators, investors who cashed out of Madoff's investment business in the past months or even years may have to return money. Firms that marketed Mr. Madoff's investments may also find themselves in hot water for playing a role in the fraud by not doing enough due diligence on his business.
http://online.wsj.com/article/SB122912905415403347.html?mod=testMod
The SEC is already making Madoff out to be a saint for their lax oversight. Who knew that "Don't ask, don't tell" was the mantra of the government?
....Velvel said he wants to know where government regulators, as well as accountants and others at Madoff's company, were when the money was being lost.
According to a criminal complaint filed with the court, Madoff told senior employees of his firm Wednesday that he had blown more than $50 billion with fraudulent financial moves, that he was "finished" and that he had "absolutely nothing." The FBI said Friday that family members turned Madoff in after he confessed his fraud to them.
The complaint said Madoff handled investments for as many as 25 clients in his private investment business, but lawyers for investors Friday said the number likely runs much higher. Some estimates ran into the hundreds.
Madoff's lawyer, Dan Horwitz, said his client was "a longstanding leader in the financial-services industry with an unblemished record" and would "fight to get through this unfortunate event."
Vasilescu said it was "way too premature" to assess how much money investors might get back.
He said a central job of the receiver would be to assess claims and ultimately to plan how assets can be distributed.
Madoff, a former Nasdaq stock market chairman, founded his firm in 1960, using $5,000 he earned in part as a lifeguard on Long Island beaches. In the industry, he had a reputation for safe investments and steady returns that made individual investors eager to place their money with him and made competitors suspicious of his success.
Marc Powers, a former SEC enforcement branch chief and head of the securities practice at Baker Hostetler, said Madoff was "a very well-respected, highly regarded person" on Wall Street.
"Everybody heard of him," he said, noting his firm had received calls from investors Friday worried about their future. "There's a shell shock that's going on now. This ruins people's lives. It destroys whatever they built up over 40 years at the hands of a person they trusted."
http://breakingnews.nydailynews.com/dynamic/stories/W/WALL_STREET_ARREST?SITE=NYNYD&SECTION=BUSINESS&TEMPLATE=DEFAULT
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