Madoff must have had help, lawyers say

[Madoff] told a federal agent that he’d “personally traded” for clients, according to the complaint.

James Ratley, president of the Association of Certified Fraud Examiners, said he’s convinced Madoff was lying to the FBI.

Q: How do you tell if Bernie Madoff is lying? A: His lips are moving.

But if Madoff lied to the feds, then that’s a whole new pile of felonies for him. It is clear that he is covering up for someone, and I don’t just think it’s just family and employees. To pull off a scam that big, to hide that much money, requires the aid of major organized crime entities. IMO, that’s who he is protecting.

[Columbia law professor John ]Coffee also said prosecutors may bring charges against managers of any feeder funds that invested with Madoff after getting kickbacks.

“If prosecutors can show a kickback or any kind of undisclosed payments to feeder funds, then it will be much simpler for private investors to sue those feeder funds and it can support indictment under the mail and wire fraud statutes,” Coffee said.

Then invoke RICO and seize the assets of all those involved.

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