“Bernie Madoff’s investment fund may never have executed a single trade, industry officials say, suggesting detailed statements mailed to investors each month may have been an elaborate mirage in a $50 billion fraud.”
Madoff’s fund may not have made a single trade, by Jason Szep, Reuters, January 16, 2009
This makes it hard for me to believe Madoff was acting along. I don’t see him generating and mailing fake statements all by himself. This doesn’t let him off the hook, but if other people are involved, they should be prosecuted, too. More work for the SEC or whoever wasn’t doing their job in the first place, but there you have it.