The latest set of lawsuits flowing the conviction of Ponzi schemer Bernard Madoff shows how many were profiting from his fraud.
CNN Money reports that the court appointed trustee is now suing members of the Madoff family for $69 million. And the trail of collusion runs deep.
According to trustee Irving Picard, there were 66 accounts through which money was diverted. He has filed 22 suits against relatives of Madoff and his wife, Ruth. The other 18 cases have been filed against former employees of Madoff's company.
That tells lots of people were making serious money from his fraud. That also includes the UBS feeder funds Madoff had hired who, according to Forbes, had picked up that as far back as 2006 that there wasn't enough volume of trades to fulfill the orders that Madoff was putting up. But rather than doing anything about it, they said nothing so that they could get the $80 million of fees.
When news of the scam first broke, it seemed obvious that Madoff could not have perpetrated a $65 billion fraud on his own. Now we have evidence that he didn't.
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