Sunday, 29 March 2015
Last updated 2 days ago
Dec 21 2011 | 2:08am ET
Bernard Madoff's top in-house bookkeeper has pleaded guilty to cooking those books, but said she had no idea that Madoff was running a massive Ponzi scheme.
Enrica Cotellessa-Pitz, who worked at Bernard L. Madoff Investment Securities for 30 years and served as its controller, pleaded guilty to four counts on Monday. She admitted she created false stock records, entries in general ledgers and reports to regulators, but denied she knew about the $65 billion scam.
According to Madoff receiver Irving Picard, Cotellessa-Pitz moved hundreds of millions of dollars between Madoff's legitimate trading operations and his fraudulent hedge fund operation.
"Although I now know the crimes I committed helped to cover up and perpetuate Bernard Madoff's fraud, at the time I did not know that Madoff and others were stealing investors' money," Cotellessa-Pitz told U.S. District Judge Laura Taylor.
Cotellessa-Pitz is the sixth person to plead guilty in the case. According to a lawsuit filed against her by Picard, she was involved in a romantic relationship with Madoff CFO Frank DiPascali, who has also pleaded guilty, and is a close friend of Madoff's former secretary, Annette Bongiorno, who has been charged with falsifying account statements and has pleaded not guilty.
Cotellessa-Pitz faces up to 50 years in prison and $97.3 million in forfeitures when she is sentenced on June 22, although prosecutors said she has cooperated in the investigation for "quite a long time now." She has until Jan. 3 to cobble together a $2.5 million bond in order to remain free until her sentencing.
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…