Monday, 20 October 2014
Last updated 2 days ago
Oct 4 2012 | 11:27am ET
Five former employees of arch-fraudster Bernard Madoff will have their day in court next year.
The Ponzi schemer's lieutenants pleaded not guilty to a new 33-count indictment on Tuesday. The five will go on trial together next Oct. 7.
Lawyers for Daniel Bonventre, Annette Bongiorno, Joann Crupi, Jerome O'Hara and George Perez asked for more time to prepare, noting that the new charges make it "to a great degree… a new case," as Crupi's lawyer put it. The legal teams have 90 days to resubmit their motions to dismiss; if those bids fail, the trial could take up to three-and-a-half months, U.S. District Judge Laura Taylor Swain said.
The new charges follow several recent guilty pleas in the Madoff case, including that of Madoff's brother, Peter, his chief compliance officer. All told, eight people have pleaded guilty in the $65 billion Ponzi scheme, including Madoff, who is serving 150 years in prison.
Bonventre was operations director at Bernard L. Madoff Investment Securities, Bongiorno was Madoff's secretary and Crupi handled the firm's daily cash balances. O'Hara and Perez were computer programmers at the firm.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...