Move Over Madoff – You May Have Company Coming Over

Bernard Madoff’s longtime accountant was arrested on fraud charges Wednesday as authorities blamed him for failing to make the most basic auditing checks that would have exposed an epic fraud that cost investors billions of dollars.

In a complaint unsealed Wednesday, federal prosecutors accused David G. Friehling, 49, of New City, N.Y., of securities fraud and other offenses for failing to conduct audits and deceiving investors as he provided audit services to Madoff’s investment services business. A state-licensed certified public accountant, Friehling and his firm were retained by Madoff from 1991 to 2008.

Prisoner 61727-054: Bernard L. Madoff

The Man Who Figured Out Madoff’s Scheme

Another interesting broadcast by 60 Minutes that raises even more questions about the Madoff Ponzi Scheme.

60 Minutes excerpt:

It has been two and a half months since Bernard L. Madoff was picked up and charged with what is believed to be the largest financial fraud in history. Yet we still don’t know much more about the alleged $50 billion scam than what Madoff initially told the FBI agents who arrested him. There are still no indictments as federal prosecutors continue to unravel the case and try to figure out exactly what happened and who was involved.