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Ex-Madoff Employees Face Further Charges

Five employees of Bernard Madoff’s former investment firm are facing more charges relating to Madoff’s Ponzi scheme.

Five employees of Bernard Madoff’s former investment firm are facing more charges relating to Madoff’s Ponzi scheme.

A revised indictment was released by U.S. Attorney Preet Bharara against Daniel Bonventre, Annette Bongiorno, Joann Crupi, Jeromo O’Hara and George Perez. The indictment brings the total amount of criminal counts filed against them to 33.

In 2009 Madoff pleaded guilty to fraud for cheating investors out of $20 billion. He is currently serving a 150 year prison sentence.

The new charges will put extra pressure on the former employees who have all pleaded not guilty. Bonventre and Crupi are both facing charges of bank fraud which can carry up to 30 years in prison.

There are a total of 22 counts against Bonventre including conspiracy, securities fraud and filing false tax returns.

Bongiorno is facing 10 charges including tax evasion, securities fraud and conspiracy and Crupi is facing 13 counts including falsifying records, tax evasion and conspiracy. 

O’Hara and Perez are facing eight counts of conspiracy, securities fraud and falsifying records.

The charges seem to include information which was received from former Madoff employees who have pleaded guilty and are helping the government with the investigation.

In addition to Bernard Madoff, a further seven people have pleaded guilty.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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