Employee Contradicts Madoff, Says Ponzi Scheme Went Back to Early 1970s

When he pleaded guilty, Bernard Madoff told the court that for about two decades, he did actually invest his client’s money in securities. He said it was not until the recession of the early to mid-’90s that he started using new money to pay redemptions requested by other clients. It now appears that even this version of the truth from Madoff was false, and that the scheme actually began in the early 1970s.

Read more: Employee Contradicts Madoff, Says Ponzi Scheme Went Back to Early 1970s — Enforcement Action