Madoff Investigators Looking Offshore: Report

Law360, New York (December 31, 2008, 12:00 AM EST) -- Federal prosecutors have reportedly begun investigating the role of offshore tax shelters in disgraced fund manager Bernard Madoff's alleged $50 billion Ponzi scheme.

Investigators are turning their attention to whether Madoff used funds based outside the U.S. to evade taxes, the New York Times reported Tuesday, citing an anonymous source.

They are also investigating whether charities invested with Madoff's fund allowed donors to move money offshore, and whether foreign banks failed to withhold taxes on Madoff's accounts, as required by law, the Times reported.

Madoff's alleged...
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