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SEC Digs Into Madoffs
The Security and Exchange Commission continues to investigate Bernard Madoff’s family to see if they had any connection to his mind-boggling $50 billion fraud. Though the patriarch is the only Madoff to be formerly charged with any wrongdoing, his two sons, brother, niece and wife have all worked for his hedge fund at some point. Madoff’s close associates are also part of a wide net that the SEC has cast. One in particular, Frank DiPascali, has been questioned by authorities and was described as “evasive.”
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Wow! The SEC investigating the Madoff affair - after years of ignoring it despite having its attention drawn to the matter over a long time. The real scandal may be the SEC staff who carefully ignored everything to do with Madoff. The whitewash will be applied liberally to the SEC itself.
My antenna goes up when a man announces that he called in his children and told them the surprising news that he had been engaged in a massive fraud for decades in a business they were part of and they were "Shocked, I tell you. Shocked!!!"
My guess is that the scam was about to revealed and the old man said - "I'll take the rap. No sense in all of us going to jail." The kids now keep the money and their freedom.
The odds of the SEC digging deep on this would appear to be low.
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