Cheat Sheet

Six months ago, any investor who turned down the chance to put their money with Bernie Madoff would have been considered crazy. Now the Daily News gossip column is reporting that Madoff may be employing an insanity defense as his excuse for running a roughly $50 Ponzi scheme that has bankrupted investors and charities around the world. “Bernie’s family and his attorneys may argue that, somewhere along the line, he had a mental break,” says a Madoff acquaintance. “They may even say he has a multiple personality disorder.” Madoff's mental state is hard to determine, as his family is doing most of his talking, but he is said to be on high doses of anti-anxiety medication. Top criminal attorney Edward Hayes an insanity defense is Madoff's best bet. “Madoff admitted to his sons that he knew it was a Ponzi scheme. His best defense is making himself essential to discovering where the money is and getting it to the victims.”