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Tuesday, April 7, 2015

While accepting responsibility for losing client money, Bernard Madoff asserts that most individual clients were net winners

For years now Bernard Madoff has been asserting that the majority of his individual clients were "net winners" insofar as they withdrew from their accounts, over time, more than they deposited.  CNBC reports that Mr. Madoff has elaborated in recent email exchanges:

"'I explained that a common practice of my clients was to withdraw their profits and then recycle those profits thru new accounts with different beneficial owners like trusts, foundations and charities all funded with the winnings of the original owner,' Madoff wrote. 'This would then lead to those new accounts later being claimed as an account that lost their principal.'

A spokeswoman for Picard, Amanda Remus, declined to comment on the specifics in Madoff's messages. In a statement e-mailed to CNBC, she repeated Picard's response to previous Madoff messages, saying that 'as the perpetrator of the largest financial fraud in history, Mr. Madoff's credibility is highly suspect and his assertions bring neither substantive value nor new information.'"

For more, see: http://www.cnbc.com/id/102567060

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