Madoff's former accountant arrested over $65bn Ponzi scheme

clock

A former accountant for Bernard Madoff was arrested on Thursday, nearly five years after the fraudster's huge Ponzi scheme was uncovered, an FBI spokesman said.

Paul Konigsberg, an accountant and former senior tax partner at Konigsberg Wolf & Co in New York, is the 15th person to be charged over the fraud, the Guardian reports. Madoff, 75, (pictured) was arrested on 12 December 2008 and is serving a 150-year sentence. The trustee liquidating Madoff's New York investment firm has said customers lost about $17.3bn (£10.7bn). Konigsberg's arrest comes less than two weeks before the expected trial of five former Madoff employees accused of aiding the fraud. According to court papers, Konigsberg was a close associate of Madoff's and helped him ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Evelyn Partners launches Index MPS range into IFA market

Evelyn Partners launches Index MPS range into IFA market

Five risk-rated portfolios to help cost-conscious investors

Jenna Brown
clock 20 May 2025 • 1 min read
Partner Insight: Debt, deficits, and market resilience: Is your portfolio prepared?

Partner Insight: Debt, deficits, and market resilience: Is your portfolio prepared?

The world is awash in debt. In the US, government borrowing has surged past 100% of GDP, and the fiscal deficit is at a level typically seen in wartime. Other major economies are in similar situations. So, what does this deluge of debt mean for markets?

Orbis Investments
clock 19 May 2025 • 5 min read
Three Invesco funds fail to deliver value to investors

Three Invesco funds fail to deliver value to investors

Manager's annual assessment found some poor performance

clock 14 May 2025 • 2 min read