Madoff Trader Says Two Helped With Fraud

Oct 31 2013 | 9:31am ET

A former trader for Bernard Madoff pointed the finger squarely at two of the arch-fraudster's lieutenants, who are on trial for aiding and abetting the $65 billion Ponzi scheme.

David Kugel, the first person to plead guilty in the Madoff scam, testified that Madoff's secretary, Annette Bongiorno, helped him commit securities fraud, and Joann Crupi, who handled the firm's daily cash balances, helped him commit both securities and mortgage fraud. Bongiorno, Crupi and their three co-defendants have all denied wrongdoing or prior knowledge of Madoff's fraud.

Kugel took the jury through his own crimes for Madoff, which he said began in 1970s, creating fake trades with historical information. He is set to return to the stand today.


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