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Bernie Madoff Claims Big Banks knew Exactly What He Was Up To, in Email from Jail

Bernie Madoff says that the big banks knew  about the multi-billion dollar Ponzi scheme he masterminded and chose to turn a  blind eye.

Madoff, serving a 150 year sentence for his  crimes, wrote an email from jail advising his victims to go after banks where he  held accounts if they wanted to get their money back.

‘The Banks had to know what I was doing  regarding the fraud,’ he wrote.

This isn’t the first time Madoff has claimed  the banks were complicit.

In a 2011 interview with the New York Times  he said the banks couldn’t possibly be unaware of his fraud.

He had accounts with several banks and hedge  funds, some of whom have been the target of ruined Madoff investors.

In 2011, two Madoff investors sued JPMorgan  Chase for $19 million claiming the financial institution had helped in the  fraud.

Madoff did have an account with the bank that  he used to transfer money from offices in London and New York, but the suit was  dismissed by JPMorgan spokesman who called it ‘meritless.’

Trustees responsible for returning money to  the victims also sued JPMorgan and UBS. Those suits were tossed out of court.

JPMorgan has not responded to Madoff’s  claims.

Madoff has been increasingly vocal leading up  to recent claim which he sent to Fox  News.

In January he wrote to CNBC to  criticize Wall Street’s signing bonuses for creating undue pressure on employees  to promote special products.

In another letter sent to the same channel on  Christmas Eve, he took aim at the sick practices of modern finance then wrote  again earlier this month saying he regretted not going to trial instead of  pleading guilty.

 

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Posted by on February 25, 2013. Filed under NY News,Slider. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.