Ponzi king Madoff 'surprised' why fraud was not uncovered sooner

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London, July 29 (ANI): Ponzi king Bernard Madoff, in his first interview since entering prison, has expressed surprise that Wall Street's biggest investment fraud was not uncovered sooner.

Madoff, 71, who was sentenced to 150 years in prison for his 65 billion dollar fraud, expressed remorse and talked candidly to two lawyers who are suing him on behalf of the investors.

Joseph Cotchett and Nancy Fineman met Madoff at the North Carolina prison where he was taken two weeks ago after pleading guilty, The Telegraph reports.

"There were several times that I met with the SEC and thought 'they got me,'" the paper quoted Madoff, as telling Cotchett and Fineman.

The Securities and Exchange Commission is now conducting an in-depth review of how they missed the fraud, drawing intense criticism. The result of their investigation is expected to be released in weeks.

Cotchett and Fineman represent about a dozen investors who lost money in Madoff's decades-long scheme, an unprecedented global scam for which Madoff eventually pleaded guilty to laundering, securities fraud and perjury.

"It was an extraordinary visit. He was very candid, very open, and answered every one of our questions," Cotchett said of the four and a half hour meeting.

He was "very remorseful" but looked healthy and appeared to be working out, Cotchett said.

"I think he's not too happy to be where he is but he's certainly not complaining."adoff said he believed securities investigators had found all the money that could have been recovered.

"But it might be in many different venues, and by that I mean I don't think that Bernie knows where all the money is" because some was paid out to feeder funds, Cotchett said. (ANI)

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