U.S. Seeks $5 Million From Ex-Madoff Employee

Aug 9 2010 | 11:20am ET

Federal prosecutors are going after $5.1 million in assets owned by a long-time employee of Ponzi schemer extraordinaire Bernard Madoff.

The U.S. Attorney’s office in Manhattan filed an amended forfeiture claim against Annette Bongiorno, who began working for Madoff in 1968 and eventually rose to head his firm’s back-office staff. Among the assets the government may seek are Bongiorno’s homes in suburban New York and Boca Raton, Fla., and three cars owned by Bongiorno and her husband, two Mercedes Benzes and a Bentley.

Prosecutors filed the first forfeiture claim against Bongiorno, seeking $2.4 million, in June. They are also seeking a similar amount from another former Madoff employee, Joann Crupi.

Madoff is serving 150 years in prison for defrauding investors of $65 billion.


In Depth

Q&A: Schroders’ Forest Discusses Multi-Asset Investments On Eve Of U.S. Launch

Jul 17 2014 | 8:05am ET

Global investment manager Schroders has $446 billion in assets under management, $...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

Common Risk Parity Misperceptions

Jul 16 2014 | 11:02am ET

Over the past few years, risk parity has become a component of most investors’...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note