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Madoff Behind Bars, but Probe Grinds Foward

July 01, 2009

Fenwick & West partner Christopher Steskal was quoted in an Associated Press article titled "Madoff behind bars, but probe grinds forward."

With the trial of infamous Ponzi schemer Bernie Madoff now being closed, a person close to the investigation said his sentencing marked "the end of the beginning." Despite his assertions that he acted alone, prosecutors are now looking at uncovering more co-conspirators in Madoff's scheme.

Steskal, a former federal prosecutor, provided insight on what threshold investigators may use to determine who can be charged: that unknowingly benefitting from Madoff's machinations wasn't enough to bring charges against a suspect. Rather, a suspect must have demonstrated criminal intent and participated in the scheme. Steskal also added that those who are under the eye of investigators "have two options: You either dig a foxhole and hide in it, or you conclude that you have no option except to try to earn points by cooperating."