Wednesday, 1 April 2015
Last updated 19 min 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.
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…