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.
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.