Connecticut Attorney General's Office

Press Release

Attorney General Confirms Joint Investigation Of Westport Bank, Investment Company For Allegedly Aiding And Abetting Madoff Scam

April 6, 2010

            Attorney General Richard Blumenthal confirmed today that his office and the Department of Banking are conducting a wide-ranging investigation into allegations that Westport National Bank and PSCC Services, Inc. and its owner Robert L. Silverman aided and abetted Bernard Madoff’s Ponzi scheme.

          “My office is working with the Department of Banking to conclude our months-long investigation, and I am preparing possible legal action,” Blumenthal said. “Our investigation is focused 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.

          “I expect to make a decision soon regarding possible legal action to recover money stolen from investors, including illegitimate and illegal fees.

          “I am pleased by the governor’s interest in and encouragement of our longstanding investigation.”