February 18, 2011 > Banks 'complicit' in fraud
Banks 'complicit' in fraud
Submitted By AP Wire Service
NEW YORK (AP), Feb 15 - Disgraced Wall Street financier Bernard Madoff tells a newspaper that banks and hedge funds were ``complicit'' in his scheme to fleece victims out of billions of dollars.
Madoff told The New York Times in his first interview for publication since his 2008 arrest the financial institutions ``were complicit in one form or another.'' He didn't name any institutions.
A court-appointed trustee seeking to recover money on behalf of Madoff's victims has filed a lawsuit against his primary banker, JPMorgan Chase. The bank denies any wrongdoing.
Madoff also says his family didn't know about his Ponzi scheme.
Madoff spoke to the newspaper through e-mail and during a two-hour interview at a Butner, North Carolina, federal prison where he's serving a 150-year sentence.
The newspaper's story was published online Tuesday.