Cuomo Probing People Who Defrauded Charities in Madoff Scandal - Regulators with Investigations in Madoff Fraud

Cuomo Probing People Who Defrauded Charities in Madoff Scandal

By Karen Freifeld

Jan. 13 (Bloomberg) -- New York Attorney General Andrew Cuomo is investigating “people who defrauded charities” in connection with Bernard Madoff’s alleged $50 billion Ponzi scheme.

Cuomo, whose office oversees nonprofit entities in New York, said today “a number of charities” were defrauded by the alleged scam. “We are looking at frauds in charities and people who defrauded” them, Cuomo said today after a press conference on an unrelated issue. The attorney general said he isn’t investigating Madoff.

Madoff, 70, was charged last month by federal prosecutors with bilking investors by using money from new investors to pay old ones.

Ira Sorkin, Madoff’s lawyer, declined to comment on Cuomo’s statement.

To contact the reporter on this story: Karen Freifeld in New York at kfreifeld@bloomberg.net