Madoff Yanked $165M from London Branch Just Before Bust

Cash transferred to scammer vanished
By Matt Cantor,  Newser User
Posted Jun 7, 2009 7:20 AM CDT
IThe Manhattan apartment building on New York City's Upper East Side where where Bernard Madoff owns a luxury unit.   (AP Photo/Brian McDermott)
camera-icon View 2 more images

(Newser) – A month before he came clean on his Ponzi scheme, Bernie Madoff sold $165 million in UK bonds from his London office and the money disappeared, the Independent reports. Madoff ordered a director of the London arm to transfer the money to his New York office so Madoff could use it to buy US Treasury bills—but Madoff investigators found that none were purchased.