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Globe/WSJ say jury convicts SEC target Madoff's helpers

2014-03-25 08:54 ET - In the News

The Globe and Mail reports in its Tuesday edition five former employees of Bernie Madoff have been convicted of conspiracy. A Wall Street Journal item inside The Globe says their conviction capped a six-month trial in which they were accused of enriching themselves while telling an elaborate web of lies. Jurors found five former employees of Bernard Madoff guilty of fraud, indicating the convicted Ponzi schemer got a wide range of help keeping afloat a scam that ran for decades and cost investors $17-billion (U.S.). The defendants, who included two trading managers, two computer programmers and the firm's director of operations, were found guilty of conspiracy to defraud investors and securities fraud. They each face decades in prison. The result, which comes after four days of deliberation, hands prosecutors a win in their only attempt to bring a Madoff case before a jury. Testimony during the trial showed the extent of the efforts Mr. Madoff and his employees went to disguise their fraud, from creating computer programs that generated fake documents to lying to regulators and auditors. Star witness Frank DiPascali Jr. told jurors he worked with all five to produce fraudulent records.

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