Thursday, 24 July 2014
Last updated 3 hours ago
Sep 13 2012 | 7:49am ET
Another Bernard Madoff lieutenant will plead guilty for his role in the arch-Ponzi schemer's massive $65 billion fraud.
Irwin Lipkin, who worked for Madoff for 35 years, rising to serve as controller before leaving in 1999, will admit to conspiracy to commit securities fraud and falsifying documents today in Manhattan federal court, prosecutors said. The 74-year-old faces up to 10 years in prison for his crimes.
Lipkin, who continued to draw a salary from Madoff after his retirement nine years before the fraud collapsed, falsified "financial records that were provided to" Madoff's investors, prosecutors wrote. Among the bogus filings Lipkin engineered were those with the Securities and Exchange Commission and those required by federal law for pension plans.
Lipkin is the seventh person the plead guilty in the Madoff case, after his son, Eric, and Madoff himself, who is serving a 150-year prison sentence. Madoff's brother, Peter, pleaded guilty in June, while five others still await trial.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…