Sunday, 29 March 2015
Last updated 1 day 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…