What Banks Should Be Doing To Protect Themselves From Fraudsters Stealing From Unsuspecting Inverstors

Bernard Madoff's Ponzi scheme swindled unsuspecting investors out of billions of dollars of their hard-earned cash. As the mastermind behind what is possibly history’s largest and most sophisticated act of financial fraud, Madoff has ruined countless lives. While Madoff has been punished for his acts, those who assisted him with his fraud have not. Government regulators and overseers who turned a blind eye to Madoff's deception have escaped liability unscathed. The army of professionals who helped Madoff manage and operate his schemes may never be held legally accountable for their assistance. Nevertheless, the trustee, Irving Picard, is making significant progress in collecting money for the victims of Madoff’s scheme. And, as new theories of liability emerge, it is possible that even more money will be recovered for Madoff’s victims.