Tuesday, 31 March 2015
Last updated 13 hours ago
Mar 14 2014 | 10:53am ET
The jury considering the fate of five former Bernard Madoff employees could begin deliberating today, after prosecutors offered a final jab at the group.
Annette Bongiorno, Daniel Bonventre, Joann Crupi, Jerome O’Hara and George Perez have insisted that they did not know their boss was running a $65 billion Ponzi scheme. Prosecutor Randall Jackson poured scorn on those contentions yesterday, calling them about as believable as an adult who proclaims a belief in Santa Claus.
“Children always figure it out,” Jackson said of the Santa Claus myth. “Let’s talk about the absurdity of the fundamental premise” that the five could work for Madoff for decades without figuring anything out.
“The notion that the defendants could have engaged in all the activities while believing” that “Bernie Claus” wasn’t doing anything wrong “is ridiculous,” Jackson said in rebuttal to some 20 hours of closing arguments by defense lawyers. “Madoff Securities was not Santa’s factory. The defendants were not children. During the decades they worked at Madoff Securities, they were adults.”
The real reason they kept quiet, Jackson alleged, is much simpler: They did it for the money.
“They each played a critical role” keeping Madoff’s scam alive for four decades, Jackson insisted.
If the jury agrees with him, the five face decades in prison. Madoff himself is serving a 150-year sentence.
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…