Madoff Claims Others Knew Of Ponzi Scheme Since 1987, Points Finger At JPMorgan

Bernie Madoff

Notorious Ponzi scammer Bernie Madoff has told FOX Business Network's Adam Shapiro that business associates Stanley Chais, Norman Levy, Jeffry Picower and Carl Shapiro were aware of the Ponzi scheme as far back as 1987, and that Madoff called Chais, Levy, Picower, and Shapiro before telling his family about the crime.

Madoff also admitted that 'he threatened to turn' Chais, Levy, Picower and Shapiro 'over to prosecutors if they did not return funds' and that they were all 'aware of these documents that existed as well as the people that could testify regarding their illegal activities'.

Shapiro went on to report that Madoff also accused his former bank JPMorgan Chase 'of willfully ignoring his illegal activity' and that 'there is no question that JPMorgan is guilty. They would have to be idiots to not realize what was going on'.

Excerpts from the interview are below:

On Madoff ordering former clients Jeffry Picower, Carl Shapiro, Stanley Chais and Norman Levy to return funds

'Madoff said his former clients Jeffry Picower, Carl Shapiro, Stanley Chais and Norman Levy all ordered him for several years to back date trades to their benefit and that he threatened to turn them over to prosecutors if they did not return funds to Madoff. They all were well aware of these documents that existed as well as the people that could testify regarding their illegal activities'.

On complicity of clients Norman Levy, Stanley Chais, Jeffry Picower, Carl Shapiro

'They knew they were doing illegal stuff for years...back dating stuff'.

On how Shapiro, Picower, and Chais reacted to Madoff’s phone call to tell them it’s over

'Stunned, at least they acted stunned'.

'What I need you to do is return the money you owe me'.

'They didn't care if it was a Ponzi scheme'.

Carl Shapiro’s attorney Stephen Fischbein responding to Madoff’s claims

'Carl Shapiro was as shocked as everyone else when Madoff confessed to a Ponzi scheme. This after the fact statement by an admitted liar and convicted thief deserves no credibility what so ever'.

On whether JPMorgan Chase knew about the Ponzi scheme

'Madoff also accused his former bank JPMorgan Chase of willfully ignoring his illegal activity and fraudulent monthly SEC account filings required by the bank. ‘There is no question that JPMorgan is guilty. They would have to be idiots to not realize what was going on. They should have reported me to the SEC or Treasury.’'

JPMorgan’s response to Madoff’s claims they were complicit in the Ponzi scheme

'Madoff has made these false accusations many times in past interviews'.

On his family

'The one thing I did right was not make them part of this'.

On Wall Street

'Wall Street is a vipers nest so are the banks! The banks are walking around with no accountability'.

On life in prison after the Ponzi scheme collapsed and meeting regularly with a psychologist

'I was under such stress while all of this was going on... the stress was unbelievable'.

'How was I able to block out what I was doing and the consequences I can't figure that out'.

'How could I have caused so much havoc and pain ?'

'There was no exit plan...it was a curse it was a horror'.

On accountant David Friehling who has plead guilty to conspiracy to commit securities fraud

'Friehling had no clue'.

On whether business associates Stanley Chais, Norman Levy, Jeffry Picower and Carl Shapiro were aware of the Ponzi scheme

'Madoff claims business associates Stanley Chais, Norman Levy, Jeffry Picower and Carl Shapiro were aware of the fraud as far back as 1987'.

On Madoff telling his business associates before telling his family about the crime

'Madoff claims he called those four clients before telling his family about the crime'.

On Madoff threating to expose Stanley Chais, Norman Levy, Jeffry Picower and Carl Shapiro

'Madoff claims he threatened to expose their complicity and threatened to take down their families'.

Source: Fox Business Network

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