Wayne Madsen Report - The failure of federal prosecutors to bring conspiracy charges against Bernard Madoff, the mega-billion dollar Ponzi scammer who pleaded guilty March 12 to eleven counts of fraud and other crimes in U.S. District Court in Manhattan, is providing cover to those who pulled the strings on Madoff's illegal operation.
WMR spoke to a former close aide to Madoff who related how he handled a number of transactions personally for Madoff. The source said that Madoff was running a special type of "pump and dump" scheme. The source said Madoff would "pump money out of the system and dump it out to another place." When asked what that "other place" was, the source replied, "Israel."
The source believes that no conspiracy charges were brought by the federal government against Madoff because it is the government and not necessarily Madoff that is trying to protect his "network and superiors.". . .
WMR has learned how some of Madoff's international operations were conducted. At 3:30 pm every day Madoff Investment Securities employees would call banks in Grand Cayman, Cayman Islands, and tell them to "roll the accounts." That was insider language for "lend the money."
In some cases, money was moved to the Belize Bank, which was described by a Madoff insider as a "back side" for secretive banking operations in the Cayman Islands and Switzerland.
Madoff would also dispatch messengers to 55 Water Street in New York's financial district to pick up securities bearer bonds that could fit into an "Army duffle bag."