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one of the most honorable and successful traders. .of our time. Nobody believed that more than I did. I revered him. I trusted him. implicitly. (LINE RINGING) Sorkin. Ike, it’s Bernie. Uh, I’m down at FBI headquarters. .handcuffed to a wall. IKE: Bernie, don’t say another word. We arrested him this morning. Was he okay? I put the cuffs on him myself. He went quietly as though he expected us. AGENT CACIOPPI: To be honest, .he looked relieved. You did the right thing, son. (MACHINE BEEPS) (RADIO CHATTER) (PHONE RINGS) (CAMERA SHUTTER CLICKS) MAN: Turn to the right. (CAMERA SHUTTER CLICKS) Yeah, the FBI just processed him. .and they transferred him over to Pearl Street. Yeah, we’re heading in right now. So you were making money off of the trades. There were no trades. What do you mean there were no trades? I made them up. Weren’t there statements? Every month, they were fake. Purchase dates, they were fake; Shares, they were fake; Options, they were fake; Returns, they were fake. So when was the last trade you executed? years ago. ATTORNEY: Who else knew? I acted alone. INVESTIGATOR: When did he tell you he started this Ponzi scheme? He didn’t. And the entire time he was running it, you had no idea? No, I didn’t. CACIOPPI: And what was your role at the firm? I ran the firm’s NASDAQ desk in the late ‘s, .added the rest of the market-making desk in , .and moved to the proprietary trading desk in . You’re not answering my question. What exactly is your role at the firm? I’m only in the office a few days a week. I’ve been building a separate business called Madoff Energy. Sir, what is your exact title at BLM? Director of Proprietary Trading. .and Codirector of Trading. INVESTIGATOR: And where did the money for these loans come from? The loans that allowed you to buy your loft in SOHO, .your house in Greenwich, your house in Nantucket. I assume from the money he made through investments. INVESTIGATOR: On the private advisory side? Yes. On the th floor? Yes. And you never asked what went on the th floor? (SCOFFS) Of course I did. You did? Yes. But. But what? He would always say, “You run your business and I’ll run my business.” And you never thought. .to follow up on those questions? You don’t understand. You’re right, I don’t. I don’t understand. .how you could work in the same office as your father. .for years and suspect nothing. Nothing? Who are some of your father’s clients? ANDY: I’m not privy to all of them, .but, um, Jeffry Picower was a big one. Fred Wilpon and Saul Katz of the Mets. HSBC, Royal Bank of Scotland, .some family friends, Marty. But he wouldn’t talk about who or what he did for them. Our money was with him as well. INVESTIGATOR: So you were never suspicious of your father? Never? Do you not understand who he was? I think we’re all beginning to understand. .exactly who your father is, Mr. Madoff. He wasn’t just my father. You know, he was idolized. We’re talking about a man. .who created the modern market as we know it. He created NASDAQ. He’s Chairman of NASDAQ. He’s Chairman of the National Securities Clearing Corporation,



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