“THE US Securities and Exchange Commission, which sued Bernard Madoff last month for allegedly directing a $US50 billion ($71 billion) fraud, is to withhold public access to a list of his assets filed on Wednesday.
A federal judge ordered Madoff to provide the commission with an account of all investments, loans, lines of credit, business interests, brokerage accounts and other holdings. The court
did not authorise its public disclosure, said a commission spokesman, Andrew Calamari, who confirmed receipt of the list.
“I think one of the fears here is that much of this money may be in offshore funds,” said Professor John Coffee, of Columbia Law School, adding the commission wanted to keep the assets secret to protect them. “There is the danger that foreign regulators and foreign creditors may seek to seize that money if the names and sources are made public.”