Sosnik Bell Speaks: ‘We’re Madoff Victims, Too!’


Finally, someone was able to get a comment out of the accounting firm Sosnik Bell, which as Clusterstock readers have known before anyone else, handled accounts for many of many of Madoff victims.

Bloomberg to a hold of their lawyer Bob Anello:

If [Madoff accountant] Horowitz did indeed lose money with Madoff, he isn’t the only accountant to do so, according to attorney Robert Anello, who represents Sosnik Bell, an accounting firm based in Fort Lee, New Jersey.

Scott Sosnik and Larry Bell, the principals of Sosnik Bell, “held large personal investments” with Madoff’s firm “and thus share in the loss,” Anello said.

Sosnik Bell handled paperwork for hundreds of Madoff’s investors, Anello said. They summarized the information from monthly statements for individuals and weren’t an agent of Madoff’s, he said in a telephone interview.

“Sosnik Bell was not asked to perform analysis or due diligence with respect to the monthly statements or the tax summary statements and didn’t serve as an investment advisor for such clients,” Anello said.

After reading the report, we got a hold of Bob Anello, who wouldn’t tell us anything more than what he told Bloomberg. Our primary question for him, of course, was how Sosnik Bell got to handle so much Madoff work.

Of course, the “we lost money with Madoff, too” is the same one employed by every other firm.