While Bernie Madoff has been cozily tucked away in his Upper East Side apartment, more than 50 million of his dollars have been quietly napping in the Gibraltar branch of the International Safra Bank.
The Gibraltar funds were deposited at Safra just a few weeks before Madoff was exposed, according to a source close to the Gibraltar police, who noticed the Ponzi Patriarch’s name on the accounts and froze the loot.
According to the Daily Beast:
“This money may have been placed with Madoff through a feeder fund operated by Safra, which asked Madoff to redeem a portion, but not all, of its investment—somewhere between $50 million and $75 million. The returned funds were still being held in the Safra branch when the scandal broke. After the bank put a stop on the funds, local police informed authorities in the US and are now cooperating with the New York investigation.”