Madoff Reveals ‘Extraordinary Details’ of Scam to Plaintiffs Lawyers
Posted Jul 29, 2009 6:59 AM CDT
By Debra Cassens Weiss
Bernard Madoff revealed details of his investment fraud to two San Francisco plaintiffs lawyers in a North Carolina prison interview on Tuesday.
Lawyer Joseph Cotchett says he will use the information gathered in the 4½ hour interview to add defendants to two New York lawsuits filed on behalf of investors, the Wall Street Journal Law Blog reports. Madoff “answered every single question and shed a lot of extraordinary details on exactly how he was able to get away with the scam,” Cotchett told the Law Blog.
Madoff told Cotchett and lawyer Nancy Fineman that he doesn’t know how he got away with his Ponzi scheme for so long. “There were several times that I met with the SEC and thought 'they got me,’ ” Madoff reportedly told Cotchett.
Madoff agreed to talk after Cotchett threatened to sue Madoff’s wife, Ruth, ABCNews.com reports. "He cares about Ruth," Cotchett told the network.
Ruth Madoff helped arrange the interview, the San Francisco Chronicle reports. Madoff's lawyer, Mauro Wolfe, was in the room during the questioning.
Cotchett said Madoff was "very remorseful” yet healthy-looking, according to the Associated Press. "He looked pretty good and seems to be working out," Cotchett told ABC News.
Bernard Madoff is serving a 150-year prison sentence after pleading guilty to running a Ponzi scheme that bilked investors out of as much as $65 billion.