[bcsco]

The rascal was not alone.

I doubt it would be possible to create such an intricate network without insiders being complicit. Especially if fraudulent checks and accounts are used. This is a much broader issue than even the Feds may know at this time. $50B is a lot of cash to launder...

[Liz]

How money laundering is generally done is to purchase buildings/properties in countries X, Y, and Z, resell them, and voila, the money has been immediately laundered. From there, the money is deposited into those countries offshore bank accounts under phony company names where Madoff’s name never appears.

Makes sense to me.

I have also heard of scams wherein properties are bought in the US....which leaves a paper trail for the honest citizen.

However, in scam schemes, the scammers go to the county Hall of Records and erase the purchase from the official records. No one is the wiser.