I absolutely believe the family wasn't aware of what Bernie Madoff was up to. More likely, they were used as reported on 60 Minutes.
No cash. Just electronic papers. Easy to fool anyone; including loved ones.
I reject the prosecutor assertion that they "should have known." If my father, cousin or uncle break the law, is it a stretch to believe I'm not connected?
Hundred of thousands of trades a day.
Perspective: During my time in the brokerage world, I was part of a business with $380 million in assets of which I was directly responsible for $18 million. We barely cleared 20 trades a day.
Anyway.
What a tragedy.
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