DUE DILIGENCE AND MADOFF.

DUE DILIGENCE AND MADOFF. Kids, not all important work is intellectually interesting. When some one buys a house, just before the closing, the buyer do (or should do) a “walk-through” to make sure that that the house is still there and unchanged. At the closing of a complicated transaction, hundreds of documents may be exchanged. Many of them will be complex, but there will be some simple ones which prove that a corporation is in existence at the time of the closing and that the people acting for the corporation have been properly authorized to take those actions. Madoff’s sons went to the authorities on December 10. I see that that same day I posted here on a scam where a lawyer had tried to pass himself off falsely as a representative of a pension fund. Four days later I posted here on things contract lawyers should do to prevent fraud. I didn’t take note that an example of another kind of failure to due diligence had just occurred.