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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