Five former members of Bernard L. Madoff’s inner circle told a “staggering” number of lies to prop up their boss’s $17.5 billion Ponzi scheme, a prosecutor said during closing arguments in their criminal trial.
The woman who ran Bernard Madoff’s investment advisory business admitted she didn’t tell federal investigators in 2009 that her duties included backdating trades and turning stocks into bonds with a few pen-strokes.
Bernard Madoff’s earliest investors, including two who reaped billions of dollars from the con man’s Ponzi scheme, allowed him to add backdated losses to their accounts whenever the profit was too high, a former executive on trial for fraud said.
Annette Bongiorno, who ran the investment advisory business at the center of Bernard Madoff’s $17 billion Ponzi scheme, told a jury she backdated customer trades almost every day and didn’t realize it was wrong.
Bernard Madoff’s former director of operations told a jury he wasn’t responsible for the investment advisory unit at the center of the con man’s $17 billion fraud, even though he balanced its checkbook and paid its salaries and expenses.
Daniel Bonventre, one of five former aides to Bernard Madoff on trial over the con man’s $17 billion Ponzi scheme, gambled big by choosing at the last minute to testify in his own defense, former prosecutors said.
Daniel Bonventre, one of five former aides to Bernard Madoff on trial over the con man’s $17 billion Ponzi scheme, told a jury he didn’t know what “COO” stood for and denied using the corporate title in seeking a $300 million loan from Bank of New York Mellon Corp. in 2006.