Tuesday, December 5, 2023 | Back issues
Courthouse News Service Courthouse News Service

Suit Says Madoff HQ Fueled by Cocaine, Sex

NEW YORK (CN) - A lawsuit claims Bernie Madoff's headquarters was awash in cocaine, topless waitresses and drug-fueled parties, CNN reported. The lawsuit New York County Court says Bernard Madoff Investment Services was known as the "North Pole" because of the amount of cocaine allegedly used there.

The 264-page lawsuit claims Madoff funneled money to his London office when he thought federal authorities were closing in on him, and that KPMG, the Bank of New York and JP Morgan Chase knew he was transferring stolen money to buy extravagant personal items, CNN reported.

The lawsuit alleges that Madoff began sending his employees to buy drugs for company use since the mid-70s, CNN reported. The suit also says company parties included topless dancers, and that Madoff was fond of escorts and masseuses, which he paid with stolen money, CNN reported.

The lawsuit also details Madoff's life behind bars, where he spends time with infamous inmates like former organized crime boss Carmine Persico and Jonathan Pollard, a convicted spy for Israel, CNN reported.

Madoff was sentenced to 150 years in prison for operating a $65 billion Ponzi scheme that defrauded thousands.

Joseph Cochett and Nancy Fineman filed the complaint based on an investigation, CNN said.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.