Madoff may have incentive to cooperate

March 14, 2009 12:23:12 PM PDT
A former federal prosecutor says disgraced financier Bernard Madoff could have something to gain by cooperating with authorities. Brad Simon says investigators need Madoff to help them make fraud cases and unravel his schemes.

  • ARTICLE: Madoff worth more than $823M
  • PDF: Read the court documents concerning Madoff's finances

    Simon is a white-collar defense lawyer who spent nine years as a prosecutor in the federal court. He predicts Madoff will be very busy in federal custody.

    Simon says federal agents will work every day to get Madoff to tell them how his schemes worked, who was involved and where more of the money might be.

    Simon says it's conceivable that the payback for Madoff is a much lesser sentence than life in prison.

    Madoff pleaded guilty Thursday to 11 felony counts, including securities fraud in one of the country's biggest investment scams.

    He's jailed pending sentencing.


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