Bernard L. Madoff used a process his inner circle called “schtupping” to boost the fake trading profit of the con man’s richest clients between Christmas and New Year’s, his former finance chief told a jury.
Bernard Madoff’s deputies made fake paperwork showing trading losses to save $1.7 million owed to an investor who died with “too much money” in his account even as the firm was being flooded with new customers and cash in the 1990s, the con man’s former finance chief told a jury.
Bernard Madoff demanded his inner circle rush to recreate years’ worth of fake account documents for a feeder fund that in 1992 attracted unwanted attention from regulators, the con man’s ex-finance chief told a jury.
Bernard Madoff’s finance chief, who pleaded guilty to aiding his $17 billion fraud, said he could tell right away that fake trades were being used in customer accounts in 1975 when he joined the firm after high school.
A former Bernard Madoff aide advised her staff not to tell people at the 2008 company Christmas party about checks totaling hundreds of millions of dollars written to firm insiders as Madoff’s fraud was unraveling, a jury was told.
Bernard L. Madoff’s former controller, who helped him siphon customer money for years to hide trading losses, told a jury she was in a state of denial when she begged prosecutors not to charge her two years ago.
Bernard L. Madoff’s ex-controller told a jury the con man held a meeting of his inner circle in 2005 to discuss ways to hide mounting losses in his legitimate broker-dealer unit, saying, “We all know what we do here.”
Bernard Madoff’s former controller, part of his inner circle for three decades, told a jury she’s testifying against five ex-colleagues in a bid for leniency when she’s sentenced for aiding the con man’s $17 billion fraud.
Bernard Madoff and his wife chose the exact amount of personal tax they would pay each year with the help of fake documents provided by a top aide on trial over the con man’s $17 billion fraud, a jury was told.
A Bank of New York Mellon Corp. vice president told a jury she helped boost Bernard Madoff’s credit line by $225 million in 2006, based on data provided by a former Madoff executive accused of aiding his $17 billion fraud.