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Some of Madoff’s Innocent Victims Might Not Be So Innocent After All « The Washington Independent

Jul 31, 2020
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The investigation into disgraced financier Bernard Madoff’s Ponzi scheme is taking a new turn, as the Securities and Exchange Commission begins investigating whether some of Madoff’s biggest “victims” actually were in on the scam, The Wall Street Journal reports.
Some of the victims apparently were able to state the size of the annual returns they wanted from Madoff. Their accounts soon would reflect those returns, some of which regularly reached as high as 100 percent. The Journal cites people familiar with the investigation as its source.
That’s not quite the way investing works for most of us, which is why the SEC must be interested.
Here are some of the victims — who may not be victims after all — according to The Journal:
Jeffry Picower and Stanley Chais, two philanthropists who invested heavily with Mr. Madoff, and Carl Shapiro, one of the money manager’s oldest friends, are among at least eight Madoff investors and associates being scrutinized by the U.S. attorney’s office in Manhattan.
Lots of people have wondered how Madoff got away with his scheme for so long. If these allegations are true, it gives a clearer picture of how it happened. And, if proven, it also means that Madoff wasn’t the only criminal behind the scheme.
Camilo Wood

Camilo Wood

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Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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