Prosecutors: Scope Of Madoff's Fraud Still Unknown

NEW YORK -- Federal prosecutors say a judge should sentence disgraced financier Bernard Madoff in ten days even though they haven't determined how much money investors lost in his multibillion-dollar Ponzi scheme.

U.S. attorneys in New York say that the judge should sentence Madoff on June 29 as scheduled.

Court papers released Friday say that investigators for the government and a trustee representing victims are working to reconstruct the scope of the fraud.

But they say they've been frustrated in their efforts by incomplete records from Madoff's firm.

Authorities have so far identified about 1,341 of the firm's account holders.

The losses so far exceed $13 billion.

Madoff pleaded guilty in March to charges that his investment advisory operation was a massive swindle.

The 71-year-old could spend the rest of his life in prison.

You must be logged in to post comments.

Password (case sensitive):
Remember Me:

275 E. Arlington Blvd. Greenville, NC 27858 252-439-7777
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 48674282 -
Gray Television, Inc.