Report: Madoff's Ponzi Profits Hidden Offshore

Accountants searching money trail

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    NEWSLETTERS

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    Investigators looking into the Bernard Madoff scandal are saying it appears he socked large sums of cash in the Caribbean and in Europe.

    Investigators could be following an around-the-world paper trail as they try to find if and where Bernard Madoff may have socked away hundreds of millions of dollars.

    Reports in both the New York Post and the London Observer suggest the alleged Ponzi schemer shoveled money to offshore accounts, particularly in Europe and the Caribbean.

    Madoff, 70, is under house arrest as the investigation into his alleged $50 billion scam continues. The case took a tragic turn when French investor Rene-Thierry Magon de la Villehuchet was found dead in his Midtown office last week. He'd reportedly lost more than $1 billion of his own and others' money, then killed himself from shame.

    Forensic accountants investigating the scandal told sources that it seemed Madoff frequently sent large amounts of money to offshore accounts, the Observer reported. Those sources also said finding the money could comprise one of the "longest and most complicated financial investigations on record," according to the Observer.