Instead, a white-collar fraudster like Madoff could create multiple phony investment-advisory businesses in foreign countries, similar to legitimate businesses he's actually working with. Says Reich: "All he has to do is create fake invoices over the years and pay in to those fake companies, then create new phony businesses in other countries, have the monies transferred to them, and then close down the original fake businesses. It's how the mob does it; the money trail is wiped clean.
Friday, January 09, 2009
Where Has Bernie Madoff Buried His Loot? - TIME
Posted by Vijaychandran Veerachandran at 6:32 AM