Madoff: Other “Bad Players Like Myself” Are Getting Away With Ponzi Schemes


Bernard Madoff tells Politico in a prison interview he is sure there are other “bad players like myself” getting away with another massive Ponzi scheme. He said the finance system is no more capable now of detecting frauds like the one he perpetrated than it was a few years ago. Madoff, 75, is serving a 150-year sentence in a federal prison in Butner, N.C. He pleaded guilty five years ago to massive investment and securities fraud, admitting to a years-long deception that shattered the lives of thousands of clients — a list that included millionaire investors, middle-class retirees, college endowments and philanthropic organizations.

Madoff contends that his crimes have been exaggerated and his efforts to recover money for his victims have gone unacknowledged. “Everybody thinks the worst of me,” he said. “The only thing I'm happy about is I was able to help people recover.” He suffers from a kidney disease but not cancer. The legal system isn't done with the Madoff case yet. After a five-month trial, a jury in New York is now deliberating on whether five of his former employees were in on the fraud. Madoff was adamant that those employees knew nothing about his scheme and that they were simply “following instructions from clients.”

Comments are closed.


You have Free articles left this month.

Want access to all our reporting? Subscribe for unlimited access or login.