Tags: madoff | employees | guilty | fraud

5 Madoff Employees Guilty of Fraud in Aiding Ponzi Scheme

Tuesday, 25 Mar 2014 10:19 AM

By Clyde Hughes

In what one juror called "overwhelming" evidence, five former Bernie Madoff employees were convicted Monday of aiding the ex-financier in his Ponzi scheme, rejecting claims that Madoff acted alone.

Madoff, who is now serving time in a North Carolina federal prison, was accused of defrauding investors, including celebrities, of nearly $20 billion, the Associated Press reported. 

Urgent: Do You Approve Or Disapprove of President Obama's Job Performance? Vote Now in Urgent Poll

Daniel Bonventre, 67, Madoff's ex-director of operations; Annette Bongiorno, 65, a former executive assistant who managed the firm's longest-standing clients; JoAnn Crupi, 52, who oversaw the company's bank account; and former Madoff computer programmers Jerome O'Hara, 50, and George Perez, 48 were all convicted on various charges.

"The evidence was just overwhelming," juror Craig Parise told reporters after the announcing the convictions.

Prosecutors showed evidence that investors big and small were victimized, including movie director Steven Spielberg, actor Kevin Bacon, Hall of Fame pitcher Sandy Koufax and Nobel Peace Prize-winning Holocaust survivor Elie Wiesel.

"These defendants each played an important role in carrying out the charade, propping it up and concealing it from regulators, auditors, taxing authorities, lenders and investors," Manhattan-based U.S. Attorney Preet Bharara said in a statement. "The scheme these defendants helped perpetrate cost innumerable investors their life savings. Now it likely will cost the defendants their freedom."

Jurors told USA Today that they agreed after the five-month trial that Madoff needed help from his associates to pull off his massive scheme.

"How could Bernie be the only one to pull this off if he's (vacationing) in the south of France?" Sheila Amato, a juror from a northern suburb of New York City, said. "They were loyal, and he rewarded them nicely."

Another juror Nancy Goldberg, told USA Today that Bonventre and Bongiorno were "very scripted" in their testimonies, which hurt their credibility.

Andrew Frisch, Bonventre's attorney told The Associated Press that Madoff conned his clients and his employees, tricking them into carrying out fraud without their knowledge.

"The list of Bernard Madoff's victims now includes these five former employees," Frisch said. Bonventre testified that Madoff manipulated him since 1968, along with the Securities and Exchange Commission and top financiers on Wall Street.

Editor's Note: Do You Support Obamacare? Vote in Urgent National Poll

Related Stories:

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Kentucky Senator Brandon Smith Wants Out of DUI With Immunity Law

Friday, 23 Jan 2015 19:20 PM

Kentucky state Senator Brandon Smith, arrested earlier this month on a DUI charge, is making an effort to get the charge . . .

School Bus Pentagram? Woman Outraged Over Satanic Brake Light Symbol

Friday, 23 Jan 2015 18:53 PM

A Tennessee woman is outraged after spotting what she says is a satanic pentagram formed by the brake lights on a school . . .

Rapper Tiny Doo May Face Long Jail Sentence Over Lyrics

Friday, 23 Jan 2015 18:10 PM

San Diego rapper Tiny Doo is facing a possible 25-year prison sentence for his violent song lyrics under a little-known  . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved