Did Madoff Work Alone?
Prosecutors expect Madoff to plead guilty to the his notorious Ponzi scheme – and they are not going to give him a deal – he will probably spend the rest of his life in prison. Unless you count the embarrassment of a very public trial, Madoff does not appear to be gaining anything in giving up his right to a trial. There was no one working “above” him and his family has already been dragged into the proceedings.
While some think he might be “simply accepting the consequences” of his actions, others wonder if he’s hiding more. The Financial Times writes that in pleading guilty without a deal, he is winning favor for others who “assisted” him and that he wins the ability to “clam up” when certain topics come up. According to Reuters, the scheme was just too complex for Madoff to have acted alone.
Prosecutors say that they are continuing to look through the finances for clues of other crimes by Madoff or his associates. New York Magazine and The Daily Beast both report that investigators are looking closely at at 20 people – members of Madoff’s firm, principals in feeder funds, and accountants in London who may have laundered the money. The WSJ Law Blog also names Madoff aides who may have been involved and comments that even though prosecutors are investigating, new criminal charges may not be filed.
(Sources listed within the post).