Five former Madoff aides convicted in Ponzi scheme

March 24
LEGAL
5 ex-Madoff aides convicted in scheme

Five former aides to imprisoned financier Bernard L. Madoff were convicted Monday of charges that they helped their boss conceal his massive Ponzi scheme for years.

A federal jury in New York found back-office director Daniel Bonventre, portfolio managers Annette Bongiorno and Joann Crupi, and computer programmers Jerome O’Hara and George Perez guilty on all counts, including securities fraud and conspiracy to defraud clients.

The five-month trial was the first to result from Madoff’s massive fraud. He was arrested in December 2008 for running a Ponzi scheme that is estimated to have cost investors more than $17 billion of principal.

“These five defendants played crucial roles in constructing and maintaining the house of cards that was the Madoff investment fraud,” U.S. Attorney Preet Bharara said in a statement.

Madoff, 75, is serving a 150-year-prison sentence after pleading guilty in March 2009.

— Reuters

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