Does Anyone Really Believe Them?

Madoff’s sons, Andrew and Mark, turned him in to U.S. authorities on the night of Dec. 10 after his confession, according to Martin Flumbenbaum, an attorney for the brothers.

“Mark and Andrew Madoff are not involved in the firm’s asset management business, and neither had any knowledge of the fraud before their father informed them of it on Wednesday,” according to a statement by Flumenbaum of Paul, Weiss, Rifkind, Wharton & Garrison in New York.

My dad is running $15 billion plus, I work for his firm my whole life, everyone on the Street has been questioning how he makes his money without frontrunning for years (I heard more than once that people invested with Madoff because they believed he was actually frontrunning his broker-dealer order flow to make these returns), he was only carrying $1 Billion of open positions at the end of each quarter, making his fees only from trading commissions through the firm we were managing, yet I wasn't aware there was a problem.


  1. Yeah, I thought they had to be lying.

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