It’s been a while since we brought up Sosnik Bell, the New Jersey accounting firm that somehow came to work for many of Bernard Madoff’s victims. Investigators looking into Madoff’s schemes don’t seem to have much interest in them, and both Sosnik and Bell have assumed the official position of anyone who profited from Madoff’s operation: they’re victims too.
We started looking at Sosnik Bell because it was extremely odd that so many of Madoff’s customers were using an obscure New Jersey firm to do their accounting. It seemed clear that Madoff had steered his customers to Sosnik Bell. Why would he do that? Something didn’t smell right.
Now the plot seems to be getting thicker. From an article from a New Jersey newspaper we somehow missed back in December, we’ve learned that Sosnik Bell inherited the Madoff clients when they took over an accounting practice in 1993. For some reason, nobody seems to have asked Sosnik Bell what accounting practice they took over. Shouldn’t whoever was doing the accounting practice for Madoff prior to 1993 be asked a few questions?
We strongly suspect that the accounting practice that they took over was none other then Avellino & Bienes, the acounting firm whose principals were busted by the SEC in 1993 for running an unregistered securities business that raised money for Madoff. The timing is just too neat for this to be a coincidence.