News
Bernard Madoff's Ponzi scheme reaches island as summer resident accused |
(Dec. 30, 2009) A little-known Nantucket summer resident, Florida accountant Frank Avelli no, was exposed in 2009 as a longtime crony of disgraced fin ancier Bernard Madoff, and was sued by a handful of island resi dents for losing their money in Madoff’s colossal Ponzi scheme which collapsed in 2008.
After Madoff was arrested last December, Avellino emerged in 2009 as one of the middlemen who steered clients and vast amounts of cash to him, fueling his growing Ponzi scheme. An accountant by trade, Avellino’s extensive connections to Madoff go all the way back to 1962, when the Securities and Exchange Commission (SEC) believes he first began directing investors’ cash to Madoff.
To read the entire story, pick up this week's Inquirer and Mirror or register for the I&M's online edition by clicking here. |
|
|
advertisement
advertisement
advertisement
