Records recovered from the investment firm run by Bernard Madoff, who is accused of carrying out a $50bn fraud, suggest that no securities were purchased on behalf of customers for as much as 13 years.
The findings released on Friday by Irving Picard, the court-appointed trustee liquidating the Madoff business, offer the first clear glimpses of how investigators are untangling the alleged $50bn “Ponzi” scheme by Mr Madoff. The New York broker was accused of securities fraud in December.
