Tuesday, 23 September 2014
Last updated 2 hours ago
Nov 18 2010 | 12:16pm ET
Almost two years after Bernard Madoff's Ponzi scheme collapsed, two of his closest aides have been arrested.
Annette Bongiorno, Madoff's secretary for more than 25 years, and Joann Crupi, who handled Bernard L. Madoff Investment Securities' daily cash balances, were picked up at their homes in Boca Raton, Fla., and Westfield, N.J., respectively. Charges against the two are to be unsealed later today.
Bongiorno and Crupi were also sued by the Securities and Exchange Commission. The two have already been sued by court-appointed Madoff trustee Irving Picard for $20 million, and earlier this year federal prosecutors filed forfeiture claims against them totaling more than $7 million.
The two women bring to seven the total number of Madoff employees who have been arrested in the case. Madoff, his CFO Frank DiPascali, and firm accountant David Friehling have all pleaded guilty—Madoff himself is serving a 150-year sentence.
Three back office employees charged earlier this year pleaded not guilty. Crupi's lawyer said she would contest the charges; like Bongiorno, she worked for Madoff for more than a quarter-century.
The arrests come more than a year after the Daily Beast reported that Bongiorno was likely to be charged with falsifying statements to investors. Investigators reportedly found a note from her at Madoff's Queens, N.Y., warehouse ordering an employee to produce phony client statements without argument.
The Daily Beast had also reported that criminal charges against Madoff's son and brother, and some of Madoff's feeder funds, were likely, although none have yet been charged.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.