Madoff Investigators Finally Examining Sosnik And Bell

From the earliest days of the Madoff investigation, we wondered how it was that a tiny, two-man accounting firm in Ft. Lee New Jersey came to do the papers of many Madoff victims. This was different than Friehling and Horowitz, no-name shop Madoff had for himself, signing off on his books. This was a firm that was helping Madoff victims all over the country, from New York to Texas to Minnesota.

Finally, the government is looking into them, says the NYT. The firm’s lawyers says it’s all above board and that Sosnik and Bell are Madoff victims themselves (natch), but they’ll be forced to explain how it was that so many Madoff clients were directed towards them.

What we heard directly from Madoff victims is that they were told, my Madoff’s firm, that the returns were so complicated and that only Sosnik and Bell had the sophistication to break them down and that most personal accountants would be overwhelmed by the work. We’ve also heard that this is total nonsense and that Sosnik and Bell had no sophistication at all.

So investigators are going to ask: What did Madoff have to gain by shuffling clients to to these guys? We’re glad we’re no longer the only ones curious.

Now about Avellino and Bienes…

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