Further Reading
  • No One Would Listen: A True Financial Thriller
    No One Would Listen: A True Financial Thriller
    by Harry Markopolos
  • Too Good to Be True: The Rise and Fall of Bernie Madoff
    Too Good to Be True: The Rise and Fall of Bernie Madoff
    by Erin Arvedlund
  • The Club No One Wanted To Join-Madoff Victims In Their Own Words
    The Club No One Wanted To Join-Madoff Victims In Their Own Words
    by Twenty Nine Authors
  • Ponzi's Scheme: The True Story of a Financial Legend
    Ponzi's Scheme: The True Story of a Financial Legend
    by Mitchell Zuckoff
  • The Madoff Chronicles: Inside the Secret World of Bernie and Ruth
    The Madoff Chronicles: Inside the Secret World of Bernie and Ruth
    by Brian Ross
  • Betrayal
    Betrayal
    by Andrew Kirtzman
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Friday
Nov192010

Madoff Aides Busted: Helped with Scheme

Everyone knows that Bernard Madoff could not have pulled off a $65 billion Ponzi scheme by himself over a period of many years. What we don't know, though, is exactly how many people knowingly abetted this monstrous financial crime. But as time passes, more answers are emerging. The latest piece of the puzzle to fall into place came yesterday when authorities arrested two more people in connection with the scheme, bringing the total number of Madoff employees arrested to five. As reported in the New York Times

Two former employees of Bernard L. Madoff, including his onetime personal secretary, were indicted Thursday on fraud and conspiracy charges related to his multibillion-dollar Ponzi scheme.

The arrests of the two, Annette Bongiorno and JoAnn Crupi, bring to eight the number of people charged in the case.

Federal prosecutors charged both women with knowingly participating in the Ponzi scheme by, among other things, executing fictitious trades in clients’ accounts to achieve predetermined investment returns set by Mr. Madoff.

According to authorities, both women made big money in the scheme. 

The complaint alleged that Ms. Bongiorno managed hundreds of investment accounts that had a cumulative balance of $8.5 billion before the fraud was uncovered. Ms. Crupi, who allegedly tracked investors’ daily deposits and redemptions, oversaw accounts that totaled about $900 million, the complaint said.

The two women are also accused of earning millions from the fraud. Prosecutors said Ms. Bongiorno withdrew more than $14 million from 1975 to 2008, but had invested only about $920,000. Ms. Crupi is accused of receiving more than $2.7 million in payments from Mr. Madoff directly in 2008 alone.

Of course, the biggest mystery about Madoff's co-conspirators may never be known: How could they? How could they knowingly defraud so many people of their life savings? We're hoping that one of these people will eventually confess and answer that troubling question. 

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