Mass of questions follow Madoff jailingJailing Bernard Madoff after he confessed to running a gigantic gi·gan·tic
1. Relating to or suggestive of a giant.
a. Exceedingly large of its kind: a gigantic toadstool.
b. fraud was the easy part.
Now investigators need to find out who helped him and where the money he stole disappeared.
US prosecutor Lev lev-,
pref See levo-. Dassin promised action Thursday after Madoff pleaded guilty, apologized and was taken into pre-sentencing custody.
"We are continuing to investigate the fraud and will bring additional charges against anyone, including Mr Madoff, as warranted," Dassin said in a statement.
But Madoff's guilty plea meant there was no trial and this worries some of his thousands of victims.
"If there will not be a trial ... a lot of this information that people want to hear about, whether there are other members of his family involved, employees, where the money is offshore -- much of that may not come to light," victim Richard Friedman said on CNN CNN
or Cable News Network
Subsidiary company of Turner Broadcasting Systems. It was created by Ted Turner in 1980 to present 24-hour live news broadcasts, using satellites to transmit reports from news bureaus around the world. television.
Dassin rejected "speculation" that the government had agreed to some form of leniency le·ni·en·cy
n. pl. le·ni·en·cies
1. The condition or quality of being lenient. See Synonyms at mercy.
2. A lenient act.
Noun 1. in exchange for Madoff admitting his crimes. "There is no agreement whatsoever," Dassin said.
However, victims are not all convinced the government will get to the bottom of the scam (SCSI Configured AutoMatically) A subset of Plug and Play that allows SCSI IDs to be changed by software rather than by flipping switches or changing jumpers. Both the SCSI host adapter and peripheral must support SCAM. See SCSI. .
For decades, the Securities and Exchange Commission failed to uncover Madoff's enormous fraud, even ignoring compelling evidence from whistle blowers Whistle Blower
An employee who has inside knowledge of illegal activities occurring within his or her organization and reports these to the public.
Although whistle blowers are protected under federal law from employer retaliation, there have been cases where .
There is also growing frustration that Madoff remains the only person charged in what prosecutors call a scheme of "unprecedented" proportions.
While Madoff pleaded guilty to 11 counts, not one involved conspiracy, something that would immediately have flagged that investigators were closing in on other suspects.
Victim Lenore Schupak, 55, told AFP (1) (AppleTalk Filing Protocol) The file sharing protocol used in an AppleTalk network. In order for non-Apple networks to access data in an AppleShare server, their protocols must translate into the AFP language. See file sharing protocol. that Madoff had to have accomplices.
She said Madoff mounted a huge -- and clearly labor-intensive -- charade charade (shərād`), verbal, written, or acted representation of a word, its syllables, or a number of words. The object is to guess the idea being conveyed. Winthrop M. to make clients believe he was investing, not stealing, their money.
"I never suspected a thing," said Schupak, an environmental engineer who as one of the smaller Madoff clients invested several hundred thousand dollars, all now gone.
"We got detailed transaction slips. Not just statements. It was very, very official. We had statements that itemized everything. These were all very good stocks, 35 blue chip stocks Blue chip stocks
Common stock of well-known companies with a history of growth and dividend payments. ."
The media spotlight is falling increasingly on Madoff's family and close colleagues -- wife Ruth, brother Peter, and sons Mark and Andrew.
On Thursday, Madoff sought to build a firewall around them, telling the court they worked for parts of his empire that were separate to his illegal activities and were "legitimate, profitable and successful."
But tracking down culprits is only half the battle for investigators, who must also find out how much money Madoff took, where it vanished and how to get it back.
Prosecutors say that shortly before his arrest Madoff reported he was managing about 65 billion dollars, whereas in reality he held only a "fraction" of that amount.
In total, prosecutors are seeking to recover 177 billion dollars from Madoff. No one has said where this money might be. Madoff's lawyers call the figure wildly inflated.
Further muddying the waters is the fact that Madoff paid fake profits to clients by stealing money from fellow clients. These investors then paid taxes.
Madoff victims say they should be reimbursed taxes that would never have been paid had the authorities done their duty in uncovering Madoff's scheme.
Current laws allow three years of taxes to be amended, but Madoff's fraud stretches back to the 1980s.
"Madoff investors paid in hundreds of millions, if not billions of dollars in income taxes on phantom income Phantom income
Income from a limited partnership that creates taxability without generating cash flow. that never existed," Friedman said.
Initial indications are that the government -- already struggling to refloat Re´float
n. 1. Reflux; ebb.
Verb 1. refloat - set afloat again; "refloat a grounded boat"
float - set afloat; "He floated the logs down the river"; "The boy floated his toy boat on the pond" a tanking US economy -- is not in a mood to listen.
"Because of the nature and length of the scheme, victims may recover only a small fraction of their losses," Dassin warned.
Many say they don't have time to wait for the wrangling to end.
Schupak said she'd had to sell her home in Florida and was now living with her sister in New Jersey.
"We were paying taxes on money that didn't exist. We paid a fortune," she said. "This is money we need to live on."