The mystery surrounding Bernard Madoff's $50bn Ponzi scheme deepened further last night as it emerged there was no evidence the alleged fraudster traded a single share on behalf of his clients, reports The Guardian .
America's financial industry regulatory authority, told the Guardian that in more than 40 years examining the books of Madoff's brokerage, investigators never saw a share traded on behalf of his investment advisory business. Madoff is said to have confessed that his investment business was a Ponzi scheme that siphoned $50bn from friends, charities and thousands of others. The brokerage, meanwhile, was a legitimate business trading shares wholesale on behalf of investment banks, mutual funds and other institutions. "Our investigations of Bernard Madoff's broker dealership showed no evide...
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