Madoff's Claim He Acted Alone 'Preposterous'

Fraud experts say the $50 billion scam was too complicated
By Jim O'Neill,  Newser User
Posted Dec 24, 2008 9:19 AM CST
Bernard L. Madoff, chairman of Madoff Investment Securities is seen on his Manhattan trading floor in this photo taken Dec. 30, 1999.   (AP Photo/The New York Times, Ruby Washington)
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(Newser) – Fraud experts following the Bernard Madoff probe say his claim that he alone executed a Ponzi scheme that fleeced investors out of some $50 billion is “preposterous,” reports Reuters. "The amount of transactions, the number of dollars that are involved in the Ponzi, I just don't see any way he could be the only one involved," said a fraud examiner.

Experts say Madoff’s scheme went on for too long and was too involved for one individual to manage. And, while the investigation continues, no one else has been charged. Madoff’s firm employed several members of his family, including his two sons, who turned him in to authorities. The Wall Street Journal says the scheme apparently goes back as far as 30 years.