Bernard Madoff: 10 Others To Face Charges

Reuters reports that U.S. Investigators believe 10 or more associates of Bernard Madoff could face criminal charges in the coming months as the investigation into Bernard Madoff's massive ponzi scheme continues to unfold.

"There will probably be more people charged," said a law enforcement source close to the continuing FBI investigation into the multi-billion dollar scam masterminded by Bernard Madoff. "It is likely to be 10 or more, but it is going to be a lengthy process that could take months or more."

Thus far, only Bernard Madoff and David Friehling, Madoff's outside accountant, have been prosecuted. Yesterday, Bernard Madoff was sentenced to 150 years in prison for masterminding this massive fraud.

Bernard Madoff plead guilty in March and it is unknown if he has named any accomplices or what kind of cooperation, if any, he has provided to investigators. So far, no one else has been named publicly.

The U.S. Attorney's Office in Manhattan declined to comment on this matter.

Federal investigators remain skeptical that some who worked alongside Madoff did not know of the ongoing fraudulent activities. They believe certain individuals are denying any knowledge as a means to protect themselves against fraud charges. However, the FBI has declined to identify anyone who is presently a focus of the continued investigation.

Whoever is on the FBI's radar, it seems that the Bernard Madoff case is far from over. When asked, the law enforcement source, speaking on the condition of anonymity, said the FBI was "closer to the beginning than the end" of the probe.

Now that Bernard Madoff is off to prison for 150 years, the question that remains is, did Bernard Madoff act alone? Both lawyers and white-collar crime experts say no as the decade-long fraud scheme was too complex to be the work of just one man. Whatever the case, it seems that the fallout from Bernard Madoff is yet to come. At least for 10 others and maybe more.

Written by Gabriel Dorman
gabedorman@gmail.com
www.criminaldefenseduilawyer.com/blog/