December 29th, 2008
12:08 PM ET

Madoff's cash stash

Program Note: Be sure to tune in to watch Ali Velshi, CNN's Chief Business Correspondent, discuss the implications of Madoff's offshore accounts tonight on AC360 at 10pm ET.

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2008/images/12/29/art.bernie.madoff.jpg]

Laura Italiano
The New York Post

Investigators believe that Bernard Madoff has stuffed hundreds of millions of dollars in Ponzi profits into offshore tax havens from which they could prove tricky to recover.

In the weeks since his Dec. 11 arrest, forensic accountants have been scouring Madoff's books as federal officials ready an indictment against the hated hedge-funder, who remains under house arrest in his $7 million Upper East Side penthouse.


Filed under: Crime & Punishment • Finance
soundoff (6 Responses)
  1. Heather,ca

    $50 Billion is a lot of money. There has to be money or maybe even gold bars in some bank off shore. Hopefully there is a paper trail of some kind. All I know is he is a disgrace and what he has done is shameful.

    December 29, 2008 at 6:19 pm |
  2. Bob Borquez, Nashville TN

    Take everything from him, his kids; and relatives.

    December 29, 2008 at 5:14 pm |
  3. Jeanette

    They need to be able to confiscate the money and reimburse as many people as they can. Why is he the only crook arrested? Why are the crooks on wall street allowed to be free and we give them money. Hope he gets as much time as they can possibly give him, no age allowance. Think of the ages of some of the people he stole from. How can they recoup.


    December 29, 2008 at 2:13 pm |
  4. Joanne, Solvay, NY

    Interpol should be able to acquire access. How does the illegal cartels be forced to pay? It seems Madoff is a candidate for that label along with drug deals and diamond smugglers...

    December 29, 2008 at 1:45 pm |
  5. Annie Kate

    If money illegally gotten is in offshore accounts the investigators should be given full access to details about the money and if a crime is proved be able to confiscate the money to reimburse the victims of the crimes. And if Madoff doesn't cooperate and is ultimately found guilty then he should get the maximum sentence with no chance for probation or a shortened sentence because of his age. His age sure didn't hinder him from bilking a bunch of people.

    December 29, 2008 at 12:30 pm |
  6. Cindy

    Yeah, a lot of crooks store their stolen moneys in off shore bank accounts because they know it can't be found or gotten. So it doesn't surprise me at all that Madoff would do the same thing.


    December 29, 2008 at 12:13 pm |