[DieHard the Hunter]

> Madoff’s “investors” are decidedly NOT victims......although they will put on a b-i-i-i-i-i-g victim act...deserving of an Academy Award.

I wonder why you say that. So far there hasn’t been any serious suggestions of collusion between Madoff and his investors for the purpose of fraud or tax evasion.

Is that what you are suggesting?

Absent that, the real question is “who is the Auditor and what was his Opinion?” I suspect an investment of this nature would have required a Prospectus to be filed with the SEC, so at some point somebody was probably asked for an Unqualified Opinion. Possibly even once per year (not sure of your US laws) the Auditor might have been asked to give an Opinion on the fairness and accuracy of the numbers.

[eureka!]

No filings, no prospectus, no SEC oversight whatsoever on this operation which was separate from the registered Broker/Dealer. As to “auditor”, Madoff used a solo practitioner, from upstate NY I believe. Seriously. As such (along with the red flags above), there is much merit to the argument that many investors figured they had an ‘inside’ track and only needed to look the other way....

[Liz]

.....an investment of this nature would have required a Prospectus to be filed with the SEC, so at some point somebody was probably asked for an Unqualified Opinion. Possibly even once per year (not sure of your US laws) the Auditor might have been asked to give an Opinion on the fairness and accuracy of the numbers......

Oh, please.

If you believe that, I got a bridge I can sell you cheap---it's in Brooklyn. And how do you want to handle the down payment.