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Madoff Inquiry Will Take Months

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The Associated Press

Published: March 14, 2009

NEW YORK - By all accounts, Bernard Madoff isn't talking, and his wife, his sons, his brother and other key employees have lawyered up.

That means it could be awhile before anyone else is arrested and the full extent of Madoff' vast swindle comes to light. Given the size of the paper trail - a $65 billion scam, 5,000 victims and monthly statements going back nearly two decades - experts say it could be six months to a year before charges are bought against any accomplices.

The day after Madoff was thrown behind bars, investigators returned Friday to the arduous task of piecing together one of the largest frauds in history - and trying to determine whether anyone else was involved.

Also Friday, newly filed court documents showed Madoff and his wife had a combined net worth of more than $823 million at the end of last year, including a $7 million yacht and four properties worth a total of $22 million. Last month, a court-appointed trustee overseeing the liquidation of Madoff's firm reported that about $1 billion in assets had been recovered from the business.

The FBI has refused to discuss the status of the investigation. Experts say it's certain Madoff's closest relatives and associates are high on authorities' list of people who may have known what was going on.

Any potential suspects "are not better or worse off than they were before the plea," said Christopher Clark, a former federal prosecutor.

On investigators' radar is Madoff's 63-year-old brother, Peter, who was instrumental in building Madoff's investment firm.

In the days after his brother's arrest, Peter Madoff helped regulators examine the company's books, his lawyer said at the time.

Madoff sons Andrew, 42, and Mark, 45, also worked for their father in a trading operation he has insisted was legitimate and separate from his fraudulent investment advisory service.

The sons, who shared their father's extravagant lifestyle, also have denied any wrongdoing through their attorney. The lawyer has called them victims of the scheme and claimed they had "no access to overall financial information about their father's firm."

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