Madoff 'funnelled $13bn to friends'

Last updated 16:35 22/06/2010
Bernard Madoff
CASH STASH: Bernard Madoff has reportedly said he managed to funnel US$9bn to friend before his arrest.

Relevant offers


Shane Warne defends charity over release of records Nutella rejects personalised jar for five-year-old girl named Isis Seven condoms, 21 orgasms? A German court has ruled no Thanksgiving advertising can make turkeys out of US brands If women want to reduce the gender pay gap, they have to fight for it Company director hid in wardrobe after crashing her car while drunk Intel employee paid friend to call in bomb threat so he didn’t have to go to work Big brands don't mind live Periscope stumbles to reach millennials NZ banks no exception to sweeping job cuts, branch closures Paris attacks: Europe's weaponmakers set to reap US$50m windfall

Ponzi fraudster Bernard Madoff is reportedly claiming to have funnelled US$9 billion ($13 billion) in stolen funds to friends before he was arrested.

Madoff, 72,  is currently serving a 150-year prison sentence for fleecing clients of US$65 billion through an elaborate pyramid scheme. 

The New York Post reports that Madoff has told fellow prison inmates that before his arrest he managed to shift US$9 billion into accounts belonging to three unidentified friends.

The Post says that Madoff is claiming his former business associate, Frank DiPascali, knows who received the money and has been using that information to cut a better deal with authorities.

DiPascali pleaded guilty last year to 10 felonies connected with Madoff’s fraud and is currently awaiting sentencing. The Post reported that prosecutors had argued DiPascali should be released on bail pending sentencing.

This is not the first time Madoff’s fellow inmates have spoken to US media. Earlier this month New York magazine ran an indepth article based on interviews with unnamed inmates and former inmates who claimed Madoff felt no sympathy towards the victims of his crimes.

Ad Feedback


Special offers

Featured Promotions

Sponsored Content