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The Madoff Fraud:Scam of the Century
10 to face possible legal actions

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Ten face possible Madoff charges - source US investigators say that more people could be criminally charged for involvement with the imprisoned Ponzi schemer. June 30, 2009: 11:49 AM ET NEW YORK (Reuters) -- U.S. investigators believe 10 or more people associated with imprisoned swindler Bernard Madoff could be criminally charged in the coming months or beyond, a law enforcement source said on Tuesday. The source, who asked not be identified because of the ongoing investigation into the multibillion-dollar Madoff fraud, said the FBI was "closer to the beginning than the end" of the probe. Disgraced financier Madoff, 71, was sentenced to 150 years imprisonment on Monday after he pleaded guilty in March to orchestrating a worldwide investment scheme of as much as $65 billion. Madoff has not named accomplices in the classic "cash in, cash out" fraud and the only other person charged so far is his outside accountant. "There will probably be more people charged," the law enforcement source said. "It is likely to be 10 or more, but it is going to be a lengthy process that could take months or more." A spokeswoman for the Office of the U.S. Attorney in Manhattan, which prosecuted Madoff and accountant David Friehling, declined to comment on the investigations. Federal investigators have declined to identify who is the focus of their inquiries, but they are skeptical of the claims by some people who worked at the Madoff firm that they had no knowledge of the scheme. Lawyers and white-collar crime experts have said all along that Madoff's decades-long scheme appeared to be too complex to have been the work of one person alone. Bernard L. Madoff Investment Securities LLC in New York had a brokerage unit and an investment advisory business. The court-appointed trustee winding down the firm said the nefarious activity took place on the investment side. The trustee and regulators have sued several businessmen, who made billions in handling Madoff money through so-called feeder funds, charging that they knew or should have known the financier was running a fraud.
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