Ponzi king Madoff had inexperienced regulators eating out of his hands, says book

Posted By: Staff
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New York, Aug.12 (ANI): Jailed Ponzi king Bernard Madoff had young inexperienced government regulators so wowed at his ritzy Midtown headquarters that they asked about job openings and dropped off resumes, while missing clear evidence he was running a massive illegal racket, a new book has claimed.

Madoff firm secretary Elaine Solomon told author Andrew Kirtzman for his book, "Betrayal: The Life and Lies of Bernie Madoff," "No wonder they never found anything."

In the book out today, Solomon, speaking out for the first time since Madoff's epic downfall last winter after years of operating his multibillion-dollar scam, was quoted by the New York Post as saying that the arch-fraudster got anxious every time investigators from the Securities and Exchange Commission came knocking at his Third Avenue office in the Lipstick Building.

"But he needn't have worried," Kirtzman writes. "He and his aides were amazed at the youth and experience of the regulators who showed up at their door."

Solomon said, "They would walk in and we'd look at them and we'd say to each other, 'What do you think their combined age is, 12?'

"They'd send kids. I think it was their first job out of school," said Solomon, who worked for Madoff's younger brother, Peter, and who did not know anything about the fraud when it was going on.

"The youthful SEC staffers were so dazzled to be at Madoff headquarters that they occasionally inquired about job openings at the company," Kirtzman writes.

When SEC probers showed up at Madoff's office after his arrest to begin going through paperwork to trace his fraud's tentacles, Solomon recognized one of them from a prior visit years ago. (ANI)

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