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Four Madoff Executives Sentenced for Roles in Historic Ponzi Scheme
Bernard L. Madoff’s Fraudulent Investment Advisory Business
Four employees of Bernard L. Madoff’s fraudulent investment advisory business have been sentenced in Manhattan federal court for their roles in the massive fraud. Annette Bongiorno, Joann Crupi, Jerome O’Hara, and George Perez were convicted in March 2014 of various counts of securities fraud, falsifying the books and records of Madoff Securities, and conspiracy.
According to the allegations, Annette Bongiorno, a 40-year employee of the investment advisory business, managed hundreds of investment advisory accounts with a cumulative balance of approximately $8.5 billion as of November 30, 2008. Bongiorno supervised employees and was the head of the fraudulent investment business.
Judged: Annette Bongiorno
Criminal Charges: Ten counts of securities fraud, falsifying the books and records of Madoff Securities, conspiracy, tax fraud, and bank fraud
City and State: Manhattan, New York
Exact Date: March 2014 (sentencing)
Sentence: Six years in prison, ordered to forfeit more than $155 billion
Judged: Joann Crupi (a/k/a Jodi)
Criminal Charges: Thirteen counts of securities fraud, falsifying the books and records of Madoff Securities, conspiracy, tax fraud, and bank fraud
City and State: Manhattan, New York
Exact Date: (sentencing)
Sentence: Six years in prison, ordered to forfeit more than $33 billion
Judged: Jerome O’Hara
Criminal Charges: Eight counts of securities fraud, falsifying the books and records of Madoff Securities, and conspiracy
City and State: Manhattan, New York
Exact Date: Tuesday (sentencing)
Sentence: Two-and-a-half years in prison, ordered to forfeit more than $19 billion
Judged: George Perez
Criminal Charges: Eight counts of securities fraud, falsifying the books and records of Madoff Securities, and conspiracy
City and State: Manhattan, New York
Exact Date: Wednesday (sentencing)
Sentence: Two-and-a-half years in prison, ordered to forfeit more than $19 billion
The massive Ponzi scheme led to billions of dollars in losses and unspeakable hardship for thousands of victims. The sentences imposed by the Court are a measure of justice for the victims.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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