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Madoff discusses fraud crimes with victim's lawyer

Published on 29 Jul 2009 under category: legal

Bernard Madoff has met with the lawyer for the victims of his fraud crimes.

During an interview which lasted more than four hours, the former financier informed Joseph Cotchett how the Ponzi scheme worked.

Mr Cotchett, who was accompanied by fellow layer Nancy Fineman, said that the visit was "extraordinary".

He commented: "He was very candid, very open, and answered every one of our questions."

The lawyer stated that Mr Madoff revealed details of the fraud crimes, including why regulators did not detect them.

He added that the former non-executive NSADAQ chairman apologized repeatedly for the fraud crimes.

Butner Federal Correctional Complex, where the 71 year old is currently serving his 150-year prison sentence, was the venue for the interview.

Earlier this month, it was revealed that cricket star Kevin Pietersen had been among the targets of fraud crimes by those carrying out an £80 million Ponzi scheme, although the sportsman did not invest in the scam, his spokesman stated.