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  • Madoff Investors Probed by US Prosecutors (Picower took 950% return)

    09/28/2009 4:35:14 PM PDT · by Liz · 33 replies · 2,628+ views
    FREE REPUBLIC ^ | May 18, 2009 | Reuters
    It was recently uncovered that Madoff kept detailed notes about his activites and that some "investors" made deals, demanding specific returns on investments.....meaning they were in on the scam. Some investors also wrote Madoff personal checks......evidence of tax evasion and money laundering. Jeffrey Picower and Stanley Chais, two philanthropists who are the target of lawsuits brought by Irving Picard, the trustee liquidating the Madoff firm. Garmento Carl Shapiro, a close friend of Madoff, is also under criminal investigation....... Authorities are going after these people under the legal concept of "fraudulent conveyance"----meaning one cannot profit from a fraud. REFERENCE CBS'...