A federal grand jury in New York has indicted five former employees of Bernard Madoff, who was convicted of running a massive, decades-long Ponzi fraud. A Ponzi scheme involves using funds from new investors to make the business appear successful to the original investors. The new funds keep the business solvent, not revenue or profits from the business itself. Madoff pleaded guilty in December 2008 to running a Ponzi scheme that originated in the 1970s and eventually defrauded investors of $17.3 billion, court appointed trustee Irving Picard has estimated. The Wall Street Journal reported Tuesday former Operations Director Daniel Bonventre and \"back office\" employees Annette Bongiorno and Joann \"Jodi\" Crupi were indicted along with former Madoff computer programmers Jerome O\'Hara and George Perez. \"With the new charges we announce today [Monday] against these five previously indicted defendants, the architecture of Madoff\'s house of cards and each defendant\'s alleged role in it becomes clearer,\" U.S. Attorney Preet Bharara said. When he was arrested, Madoff, who was sentenced to 150 years, insisted he had acted alone. However, several former employees of the firm have pleaded guilty to various fraud counts, including Madoff\'s brother Peter. \"We expect to plead not guilty when we have to appear before Judge [Laura Taylor] Swain tomorrow [Tuesday],\" said Roland Riopelle, an attorney representing Bongiorno. Riopelle was the only one of the defendant\'s lawyers to comment on the case, the Journal reported.
GMT 09:51 2018 Tuesday ,23 January
French court throws out tax fraud case against JP MorganGMT 15:23 2018 Wednesday ,17 January
EU parliament calls for ban on electric pulse fishingGMT 05:55 2018 Saturday ,13 January
Greece strikes cause transport chaos, healthcare delaysGMT 09:36 2018 Friday ,12 January
Time over money? German union champions 28-hour work weekGMT 09:31 2018 Tuesday ,09 January
German metalworkers start strikes for 28-hour weekGMT 10:24 2018 Friday ,05 January
Lithuanian doctors rally for pay rise to halt exodusGMT 07:14 2017 Saturday ,30 December
German union steps up fight for 'modern' 28-hour weekGMT 06:51 2017 Friday ,29 December
Watchdog slams Lufthansa over 'algorithm' price hikesMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor