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Mum Execs Suspected Madoff in 2005

By Mary Papenfuss,  Newser Staff

Posted Feb 15, 2009 5:35 AM CST

(Newser) – A number of Wall Street executives were convinced Bernard Madoff's investment scheme was a scam as early as four years ago, but never reported their suspicions to anyone but friends and family, according to SEC documents. Concerns by executives from Citigroup and Goldman Sachs are revealed in an extensive dossier of emails and letters filed with the SEC by a fraud investigator who tried to convince the agency to crack down on Madoff for eight years.

Some observers believe the SEC may have been spurred to action against the alleged mastermind of a $50 billion fraud sooner if more people had come forward, reports the New York Post. The executives are willing to provide evidence to the SEC, provided they're not required to speak in an official capacity, according to the SEC filing.

Bernard Madoff, accused mastermind of a $50 billion Ponzi scheme, leaves Federal Court in New York last month.
Bernard Madoff, accused mastermind of a $50 billion Ponzi scheme, leaves Federal Court in New York last month.   (AP Photo/Stuart Ramson)
Bernard Madoff returns to his Manhattan apartment after a court appearance in New York late last year.
Bernard Madoff returns to his Manhattan apartment after a court appearance in New York late last year.   (AP Photo/Jason DeCrow,File)
Bernard Madoff leaves Federal Court in New York last month.
Bernard Madoff leaves Federal Court in New York last month.   (AP Photo/Frank Franklin II)
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COMMENTS
Showing 3 of 4 comments
Guest
Feb 15, 2009 5:49 AM CST
He needs to burn.
jaguarj
Feb 14, 2009 10:50 PM CST
Get a rope!!!!
Observer
Feb 14, 2009 9:29 PM CST
What is this Mega-crook doing walking around free? Put him in the pen with the NY street criminals. They will provide the justice he deserves. What a smug rich pig. Track the money down, confiscate all his family's trusts and holdings and reduce them to poverty as he did to so many of his charitable victims.

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