Shana Madoff To Be Questioned In Bernard Madoff Fraud
Bernard Madoff's scam against America has more family ties than once thought.
It was recently announced that Shana Madoff, Bernard Madoff's niece, will be questioned about her relationship with former SEC lawyer, Eric Swanson.
Shana Madoff and Eric Swanson were married in 2007 after dating for about a year.
SEC chairman, Christopher Cox said, "I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations." He confirmed that the investigation will "include all staff contact and relationships with the Madoff family and firm, and their impact, if any, on decisions by staff regarding the firm."
Bernard Madoff, 70, recently confessed that he lost approximately $50 billion dollars of investor's money using an uncomplicated "Ponzi scheme." The impact of his activities has damaged individual investors, mutual funds and charitable organizations across the globe. He's the founder and CEO of the now defunct, Bernard L. Madoff Investment Securities LLC, and was considered a top market maker until his scheme unraveled on December 11, 2008.
He was arrested and charged with security fraud after his sons, Andrew and Mark Madoff, tipped off authorities on his activity. It's the largest fraud perpetrated by a single individual in history.
Once considered a prominent philanthropist, Bernard Madoff's fraud has resulted in the closure of several charitable organizations that lost all of their assets when his investment tactics collapsed.
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