2009-02-20bloomberg.com

Bernard Madoff, who sent his clients thousands of receipts purporting to document their trades, has left no trace of buying any securities for customers for as much as 13 years, the trustee liquidating his securities firm said.

“We have found no evidence to indicate that securities were purchased for customers’ accounts” for “perhaps as much as 13 years,” said Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC. It was “cash in and cash out,” he said.

Picard also said he found no separation between the company’s broker-dealer division and its investment advisory unit, which prosecutors have said was at the center of an alleged $50 billion Ponzi.

Our best guess is there were plenty of trades and transactions, but that the records have all been destroyed to hide where the money has gone.



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