FBI Starting To Look At Avellino And Bienes?

The Journal examines the peculiar aspect of the Madoff investigation that the top guy confessed early on, rather than a lieutenant that might spill his guts in order for leniency. Bernie himself has nobody to throw under the bus, and thus little reason to be helpful. There are only a couple of nuggets of hard news in there.

One is that they’ve still got their eye on Ruth, as she may have known more than first thought. And in addition to Frank DiPascali, investigators have also honed in on employee JoAnn “Jodi” Crupi, who may have helped prepare the completely fictitious client statements. None have been charged with anything yet.

It also sounds like maybe, investigators are looking at our friends Frank Avellino and Michael Bienes:

Early on, the SEC focused on family members and hedge funds who acted as feeders for Mr. Madoff’s money-management business. More recently, the focus has extended to include certain people who aren’t investment advisers or hedge-fund managers but acted as intermediaries in luring money to Mr. Madoff’s funds, one person familiar with the matter said.

Also, prosecutors in Manhattan have joined the SEC in looking at the big feeder funds that took billions of dollars of their clients’ money and invested it with Mr. Madoff, according to the person familiar with the matter.

Also good to hear that Manhattan prosecutors are apparently honing in on Fairfield Greenwich and the like.

See Also:
The Case Against Frank Avellino

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