Madoff probe extends into offshore funds: report

Madoff probe extends into offshore funds: report

(Reuters) - Federal prosecutors investigating Bernard Madoff's $50 billion fraud are starting to look into the role played by offshore fund operations, the New York Times reported.
Investigators are especially interested in whether Madoff and some of his investors used funds based in offshore tax havens to evade American taxes, the paper said, citing a person who was briefed on the investigation and remained anonymous.
The paper said, according to the person, the likelihood of charities improperly allowing their donors to shift money offshore and foreign banks withholding American taxes on Madoff accounts were also being scrutinized.
According to the paper these include funds linked to the Fairfield Greenwich Group, which lost $7.4 billion of its investors' money to Madoff, Tremont Group Holdings, which had $3.3 billion invested, and several Swiss banks.

Update January 29, the Madoff Case is expanding, there is quite a bit to tell about this guy, his houses, his contacts, the psychology, the warnings, the suspicions, and so on. But we run a blog about the Stock Market and the Economy, and not a tabloid about greedy celebrities or power-hooked royalty.
There is however an interesting post on this blog from January 26th about the Dutch Royal Family being a possible victim of the Madoff scam. (It is still a rumour, and only circumstantial exists until now. This post is in Dutch. http://beurskrach.blogspot.com/2009/01/klopt-het-wat-weekblad-priv-heeft.html )