We’ve been trying to figure out how and why so many Madoff clients ended up with the small New Jersey accounting firm Sosnik, Bell & Co. What was it about them that prompted those close to Madoff, like Bob Jaffe, to recommend them as the most able to handle Madoff’s “complex” trades?
A tipster informs us that Sosnik, Bell actually outsourced their Madoff work to a third party. We haven’t confirmed this, but it seems plausible. The answer to the question — to whom were they outsourcing their work? — would be revealing.
Meanwhile, a call to the New Jersey State Board of Accountancy confirms that Scott Sosnik is a registered CPA in good standing, but the person we talked to had no record of Larry Bell or a Lawrence Bell. This may simply be a clerical error.
We’ve reached out to Sosnik Bell on this latest news and have yet to hear back
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