The Attorney General's office and the CT Department of Banking are joining forces to conduct a "wide-ranging" investigation of Westport National Bank and PSCC Services, Inc. and its owner, Robert L. Silverman, for aiding and abetting Bernard Madoff's ponzi scheme. Our investigation is focussed on allegations that Westport National Bank, PSCC and Mr. Silverman operated investment funds that fed cash into Madoff's massive fraud, skimming off millions of dollars in fees for themselves, Attorney General Richard Blumenthal said on April 6. He indicated that legal action to recover money taken from investors, including illegal fees, might also be initiated.
According to the NY Times, Westport resident Robert L. Silverman and his company, PSCC Services, received the majority of the bank-collected fees from customers. Some customers knew Mr. Silverman personally while at least 10 small medical practices in Connecticut and Florida, had established profit-sharing or retirement programs through Mr. Silverman, the Times reported.
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