They all knew. It’s up to you to stand up and challenge them to prove the basic assertions — even the sending of a monthly statement is potentially an act of fraud since neither the servicer nor the party with whom they entered into the Pooling and Service Agreement had or have any authroity to continue.
The magnitude of the current bust seems almost unfathomable—and it was unfathomable, to even the most sophisticated financial professionals, until the moment the bubble popped. How could this happen?
As more details unfurl in the Bernard L. Madoff fraud case, so do the lawsuits. And the big accounting firms, which oversaw many of the feeder funds that funneled billions of dollars into what prosecutors describe as the largest Ponzi scheme ever perpetrated, are likely to be among the defendants.