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Prosecutors: Scope Of Madoff's Fraud Still Unknown

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Jun 20, 2009 7:44 am US/Eastern

Prosecutors: Scope Of Madoff's Fraud Still Unknown

NEW YORK (CBS) ― Federal prosecutors said a judge should sentence disgraced financier Bernard Madoff even though they haven't determined how much money investors lost in his multibillion-dollar Ponzi scheme.

U.S. attorneys in New York said that the judge should sentence Madoff on June 29 as scheduled.

Court papers say that investigators for the government and a trustee representing victims are working to reconstruct the scope of the fraud. But they say they've been frustrated in their efforts by incomplete records from Madoff's firm.

Authorities have so far identified about 1,341 of the firm's account holders. The losses so far exceed $13 billion.

Madoff pleaded guilty in March to charges that his investment advisory operation was a massive swindle. The 71-year-old could spend the rest of his life in prison.

Madoff was born on April 29, 1938. 
   

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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