Hunt for Madoff's billions has leads
Investigators tracking billions in lost funds associated with New York trader Bernard Madoff say they may have found two accounts hiding $10 billion.
Accounts in Switzerland and Africa in the name of a deceased client, Norman Levy, and the Picower Foundation may have been used to conceal the $10 billion, ABC News reported Friday.
William Zabel, an attorney representing the Levy family and the foundation, said neither had received close to that in dividends from their investments. Each had lost millions through their dealings with Madoff, Zabel said.
Madoff has been accused of running a Ponzi scheme that may have cheated investors of $50 billion.
One investigator told ABC News that Madoff has been less than fully cooperative with the effort to track down the missing money.
Everything he says is a lie, and we can't count on the veracity of any of his statements or his books. These five billion dollar entries could also be the way he balanced his books for his losses,
the investigator said.
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