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NP/wire say SEC target Madoff shares blame with clients

2017-06-26 06:57 ET - In the News

The National Post reports in its Saturday edition that Bernard Madoff has had eight years in prison. A Bloomberg dispatch to the Post says that in that time he concluded that a few of his investors were partially to blame for his fall from a legitimate securities trader to Ponzi schemer without parallel. He blames the "Big Four," his earliest big clients. They were Norman Levy, a New York real estate broker, Jeffry Picower, a Florida accountant, Stanley Chais, a Beverly Hills money manager, and Carl Shapiro, a Boston philanthropist. Mr. Shapiro, 104, is the only one still alive. In April, Mr. Madoff was questioned for three days as part of a lawsuit that seeks to force a group of his investors to return their profit to his firm's receiver. The cases hinge on Mr. Madoff's claim that he was an honest trader until 1992, when the alleged greed of the Big Four forced him into a Ponzi scheme. "I'm not proud that I did what I did, you know," he said. "I spent a lot of hours with a psychologist here trying to analyze why I did what I did. They didn't want to give up their returns and I made the mistake. What I should have said to them was 'Look, this is the agreements you have.' ... I always wanted to please everybody."

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