Madoff’s Entire Firm Was “Smoke And Mirrors With Account Statements”

Bernie Madoff’s Ponzi scheme was the backbone of his entire business, according to a forensic accountant that has gone through the company’s books. Madoff, and more importantly Madoff’s employees, have argued that only he was aware of $65 billion worth of fraud. The claim has been met with skepticism, to be mild, but now there is some evidence that the fraud was indeed systemic, reports FINalternatives.

Accountant Bruce Dubinsky went through Madoff’s books on behalf of liquidator Irving Picard and concluded that Bernard L. Madoff Investment Securities was a complete...