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Komfie Manalo, Opalesque Asia: Convicted Ponzi schemer Bernard L. Madoff could have not set up his fraudulent structure in an offshore jurisdiction because his illegal activities would have alerted authorities and he would be caught much earlier, claimed Martin Litwak, founder and partner at international law firm Litwak & Partners.
Speaking at the recent Opalesque 2016 LatAm Roundtable, Litwak explained that had Madoff set up his activities in the British Virgin Islands (BVI), for example, his work would have been qualified as a fund and as such he would have been required to appoint an administrator, which ultimately would have find out that he was not trading at all pretty quickly.
"So, if he had structured his fraud offshore, he would be probably caught much earlier," Litwak said.
He further stated, "If you go to the biggest financial scandal which was Madoff, and again, here is an U.S. guy dealing with U.S. auditors, regulated and supervised by the U.S., and ironic ally, all that was used to increase the pressure over offshore jurisdiction."
Madoff was sentenced to 150 years in prison in June 2009 for running the largest Ponzi scheme in history. U.S. District Judge Denny Chin, who gave Madoff the maximum sent...................... To view our full article Click here
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