Bernard Madoff Admits That The Banks Knews About His Ponzi Scheme

Written by Michael Lambarde on Feb. 17, 2011

Embattled investment adviser who was jailed after being found guilty of being in a Ponzi scheme, Bernard Madoff, recently taped his very first interview while in jail, which caused a stir to say the very the least. In an interview with the Times in North Carolina, where he is serving his 150-year sentence.

In the controversial interview he candidly stated that the banks knew about his Ponzi scheme and had just turned a blind eye to it. Due to his ambitious scheme he was able to amass billions of dollars from numerous investors. It remains to be seen if any investigation would be started into the conduct of the banks.

When he was prodded to name the banks that knew what was going on, then he maintained his silence on the issue and refused to prattle names. He said that the Met owners – Fred Wilpon and Saul Katz were not his accomplices and they had absolutely no idea what was going on. It ought to be mentioned that the Met owners are also in the soup as they have been sued by the Madoff victims, as the victims believe that they were aware about the happenings and were also making a handsome profit from it.


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