In a newly released transcript of a 2005 telephone call, made public by Massachusetts Secretary of State William Galvin, disgraced financier Bernard Madoff says "you don’t have to be too brilliant" to fool the SEC.
Galvin’s office reached an $8 million settlement this week with a Madoff feeder fund to refund investors.
During the call, Madoff coaches a witness who was about to be interviewed about his investment firm. According to the transcript, he begins the call by saying, "Obviously, first of all, this call never took place."
The 71-year-old Madoff was sentenced in June to 150 years in prison for masterminding a multibillion-dollar Ponzi scheme that spanned decades and defrauded thousands of investors.





