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Five former workers of imprisoned financier Bernard Madoff were convicted Monday following a six-month trial in a Manhattan federal court. The past employees of Madoff’s Wall Street firm were accused of helping the former NASDAQ chairman hide a Ponzi scheme that cheated investors out of billions of dollars.
The Wall Street Journal reports the five employees face decades in prison. The paper adds:
“The result, which comes after four days of deliberation, caps a trial that lasted more than [five] months and hands prosecutors a win in their only attempt to bring a Madoff case before a jury.
“Testimony during the trial showed the extent of the efforts Mr. Madoff and his employees went to disguise their fraud, everything from creating computer programs that generated fake documents to lying to regulators and auditors.
“Computer programmers Jerome O’Hara and George Perez were convicted of creating phony customer accounts, while portfolio managers Annette Bongiorno and JoAnn Crupi were convicted of concocting phone trading records. Daniel Bonventre, a former operations director for Mr. Madoff, helped gin up phone books and records, the jury found.”
Agencies/Canadajournal
