Madoff Probe Takes Detour To Queens Warehouse

Madoff Probe Takes Detour To Queens Warehouse - 1/29/2009

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HEADLINE NEWS:

Madoff Probe Takes Detour To Queens Warehouse
Anne Urda

Securities Law 360. January 29, 2009
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EXCERPT: Investigators are reportedly digging through boxes of documents in a Queens, N.Y., warehouse in an attempt to get closer to the truth about Bernard Madoff's alleged $50 billion Ponzi scheme. While authorities continue sifting through tons of pages at Madoff's midtown Manhattan office, the Associated Press has reported that investigators are following a lead connected with a Queens warehouse. Speaking to sources on condition of anonymity, the AP said the warehouse contains boxes and file cabinets that are stuffed with old records from Madoff's investment firm, Bernard L. Madoff Investment Securities LLC. Investigators are said to be combing through the undisclosed site, and city records indicate that the firm did lease office space in an Astoria, Queens, building at one point. Authorities are hoping to turn up more evidence of the purported fraud as they work to put together their case against Madoff. […] At least two suicides have been reported in connection with the alleged Madoff scheme, with many others suffering steep financial losses. A criminal complaint filed on Dec. 11 charged Madoff with securities fraud for allegedly defrauding investors of as much as $50 billion. […] Madoff remains under 24-hour house arrest at his Upper East Side apartment in New York. The government had 30 days from Dec. 11 to bring an indictment against Madoff or to decide to continue the case for now as a criminal complaint, but the two sides agreed to a 30-day extension on Jan. 9, prompting speculation of a possible plea deal, the New York Times reported. In addition to the U.S. Department of Justice’s criminal action and the U.S. Securities and Exchange Commission's civil suit against Madoff, New York Attorney General Andrew Cuomo has said previously that his office was investigating Madoff's scheme.

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