Wednesday, 27 August 2014
Last updated 14 hours ago
Dec 16 2011 | 4:09am ET
Bernard Madoff’s top bookkeeper will plead guilty to fraud charges next week, becoming the sixth person to do so in the $65 billion Ponzi scheme.
Enrica Cotellessa-Pitz, who is cooperating with prosecutors and who has yet to be formally charged, will admit to falsifying records and making false filings to government regulators, prosecutors said yesterday. Cotellessa-Pitz served as controller of Bernard L. Madoff Investment Securities, where she began working in 1978.
In her role at the firm, Cotellessa-Pitz closed the books each month—but she also moved hundreds of millions of dollars between Madoff’s legitimate trading operations and his fraudulent hedge fund operation, according to a lawsuit against Cotellessa-Pitz filed by the court-appointed receiver in the Madoff case. According to the receiver, Irving Picard, Cotellessa-Pitz and her husband withdrew some $500,000 in phony profits from phony investment accounts.
According to Picard’s lawsuit, Cotellessa-Pitz was involved in a romantic relationship with Madoff’s CFO, Frank DiPascali, who has pleaded guilty in the case. She is also a close friend of Madoff’s former secretary, Annette Bongiorno, who has been charged with falsifying account statements. Bongiorno is one of five people charged in the case to fight the charges against them.
Cotellessa-Pitz is expected to enter her plea on Monday.
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...