Report: Madoff May Have Stashed Funds Offshore
Earlier today, we wondered aloud: Where is all that money that Bernie Madoff scammed? After all, you'd think it would be hard to stash $50 billion. That's a lot of Mason jars in a lot of back yards.
Yesterday, the Sunday Observer of London reported -- citing unidentified U.S. federal government sources -- that forensic accountants digging through Madoff's records believe that he hid hundreds of millions of dollars of his ill-gotten gains in offshore accounts in the Caribbean and Europe.
Also yesterday, the New York Daily News, citing an unnamed friend of Madoff, suggested that his lawyers may be preparing an insanity defense for the disgraced fund manager.
Quoting the Daily News: “Bernie’s family and his attorneys may argue that, somewhere along the line, he had a mental break,” says a Madoff acquaintance. “They may even say he has a multiple personality disorder.”
Meanwhile, Madoff has been receiving death threats, the New York tabs report.
"Bernie has been told that if he doesn't cough up every dime he has hidden in offshore accounts, someone in his family will be killed," says a source who knows several of Madoff's victims, the New York Daily News reports. That sounds like New York, all right.
Madoff, under house arrest in his Manhattan apartment, is set to appear in federal court two weeks from today.
December 29, 2008; 11:31 AM ET
Categories: The Ticker | Tags: Bernie Madoff
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