Madoff Lieutenants Set For Trial Next October

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.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Controlling With Confidence: A ‘How-To’ For Hedge Fund Managers

Dec 22 2014 | 11:52am ET

Hedge funds are increasingly turning to third party services to help with operations...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.