Madoff outlines fraud

A lawyer for victims of Bernard Madoff’s Ponzi scheme says the financier told him during a 4 1/2-hour prison interview plenty of details about the fraud, including how it took place and how securities regulators missed catching him.

NEW YORK — A lawyer for victims of Bernard Madoff’s Ponzi scheme says the financier told him during a 4 1/2-hour prison interview plenty of details about the fraud, including how it took place and how securities regulators missed catching him.

The San Francisco lawyer, Joseph Cotchett, said he planned to use what he learned Tuesday to add defendants to a lawsuit to be filed in Manhattan this week on behalf of investors harmed by the multibillion-dollar scam.

“It was an extraordinary visit,” Cotchett said. “He was very candid, very open, and answered every one of our questions.”

Madoff, 71, pleaded guilty in March and was sentenced to 150 years in prison. He was taken two weeks ago to the Butner Federal Correctional Complex, about 45 miles northwest of Raleigh, N.C., where the interview took place.

Cotchett said Madoff repeatedly apologized for the harm he caused victims, about a dozen of whom are represented by Cotchett. The lawyer said he would describe much of what he learned from Madoff in his lawsuit.

Nancy Fineman, a lawyer who works with Cotchett and attended the interview, said Madoff described his meetings with the Securities and Exchange Commission while he was committing the fraud and the fact the SEC was unable to catch him, which didn’t seem to surprise him.

Authorities say Madoff cost thousands of investors over several decades at least $13 billion as he told them the money had grown to about $65 billion.

By the time he was arrested in December, only several hundred million dollars remained in the accounts of his private investment business.

Madoff and his wife have relinquished more than $100 million in assets, and authorities have identified more than $1 billion in assets that can be distributed to victims, many of them elderly and living in the New York area and Florida.

Just Posted

Person airlifted to hospital after collision near Innisfail

One person was airlifted to hospital after a serious collision west of… Continue reading

Sunny weather improves farmers’ prospects

A harvester kicking up dust. It’s a picture that will bring a… Continue reading

Rural transit pilot project being considered

Penhold, Innisfail and Red Deer County councils to decide whether to go ahead with project

Red Deer fire station up for sale

Home sweet home at Fire Station 4

‘Stupid’ law preventing Canada’s re-engagement with Iran: retired envoy

OTTAWA — The real reason the Liberal government hasn’t been able to… Continue reading

Voters head to polls for BC municipal elections today

VANCOUVER — Voters in British Columbia will head to the polls today… Continue reading

All sharks tagged in N.S. expedition can now be tracked on Ocearch website

HALIFAX — All six of the sharks tagged in Nova Scotian waters… Continue reading

Memorial service for former PQ minister Lise Payette today in Montreal

MONTREAL — Mourners will gather to remember former Parti Quebecois cabinet minister… Continue reading

Immunotherapy scores a first win against some breast cancers

For the first time, one of the new immunotherapy drugs has shown… Continue reading

‘Mom I’m in trouble:’ Canadian, Brit face 10 years in jail for alleged graffiti

GRANDE PRAIRIE, Alta. — The mother of a Canadian who was arrested… Continue reading

Coyote on the prowl near Penhold

This coyote was out on the prowl in a field just west… Continue reading

Most Read