Tags: Madoff | Lipkin | guilty | fraud

Long-time Madoff Employee Set to Plead Guilty

Wednesday, 12 Sep 2012 01:00 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
One of Bernard Madoff's longest-serving employees is expected to plead guilty to criminal charges in the multibillion-dollar Ponzi scheme, U.S. prosecutors said, the latest among a dozen former employees to face charges.

Irwin Lipkin, a former controller of Bernard L. Madoff Investment Securities LLC, will appear in Manhattan federal court on Thursday, prosecutors said in a letter to the judge.

He will plead guilty to charges of conspiracy to commit securities fraud and falsifying documents, prosecutors told U.S. District Judge Laura Taylor Swain in the letter, which was dated Tuesday, September 11.

The letter said Lipkin, 74, created "false financial records that were provided to BLMIS investors," false filings with the U.S. Securities and Exchange Commission and false statements required under a federal law that sets standards for pension plans.

Lipkin's lawyer, David Richman, was not immediately available to comment. The charges carry a maximum possible prison term of 10 years.

Lipkin's son, Eric Lipkin, another former Madoff employee, pleaded guilty in 2011 to criminal charges of bank fraud and charges that he reported people were Madoff employees so they could receive retirement benefits.

Irwin Lipkin joined Madoff's firm in 1964, according to court records. Court papers showed that he continued to draw a salary from the firm even after he stopped working there in 1999.

Madoff, 74, was charged in December 2008 with a decades-long fraud that the government originally estimated at as much as $64.5 billion. He pleaded guilty in March 2009 and is serving a 150-year prison sentence.

The trustee leading the search for money to return to Madoff's victims says Madoff defrauded customers of about $20 billion. The trustee, Irving Picard, so far has won $9.1 billion in recoveries and settlement agreements.

On June 29, Madoff's brother Peter pleaded guilty to criminal charges. He had been chief compliance officer at his brother's firm. He has agreed to accept a 10-year prison term.

Of the dozen people charged in the case, apart from Bernard Madoff, five have pleaded not guilty and are awaiting trial.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
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
 
Email:
Country
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
Around the Web
Top Stories
You May Also Like

Report: Official Autopsy Supports Officer in Ferguson Shooting

Wednesday, 22 Oct 2014 12:10 PM

Slain Ferguson teen Michael Brown was shot in the hand at close range, an official county autopsy report obtained by the . . .

RNC's Flores: Dems Running From Key Issues

Wednesday, 22 Oct 2014 12:05 PM

Democrats' skittishness to discuss key issues in the midterms has benefited the GOP with women and minority voters, acco . . .

Gov. John Kasich: I Support Medicaid Expansion, Not Obamacare

Wednesday, 22 Oct 2014 11:56 AM

Ohio Gov. John Kasich, who went around his party's Republican-controlled legislature to enact Medicaid expansions in the . . .

Most Commented

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.

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