The legal fallout over Bernard Madoff has taken a New turn with a judge ruling that Madoff must provide a list of all investments, lines of credit, loans, business interests, brokerage accounts, and other holdings to the Securities and Exchange Commission by New Year's Eve. As Bloomberg points out, it will provide lawsuit targets for angry investors including hedge funds and charities seeking the return of their funds.
Don't expect a quick resolution ont his one. Given that Madoff was operating a Ponzi scheme where old investors were paid off with the money of new investors, this will take time.
So how will Madoff play this one? We now have reports that he planning to mount an insanity defense, a temporary lapse in his thinking. Just how that fits in with him admitting to his sons that he knew he was doing – as reported by the Financial Times – remains a mystery
no comment untill now