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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.

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