Monday, 20 October 2014
Last updated 7 hours ago
Mar 18 2014 | 11:07am ET
The fate of five former Bernard Madoff lieutenants, accused of aiding and abetting his $65 billion Ponzi scheme, is now in the hands of the jury.
The panel began deliberating yesterday afternoon. But with the verdict still likely days or weeks away, the jurors probably already have the distinction of sitting on the longest white-collar trial in the history of Manhattan federal court.
The trial began in October, with U.S. District Judge Laura Taylor Swain predicting that it would take five months. But it has already reached the six-month point.
The jury heard testimony from more than 40 witnesses, as prosecutors argued that the five knowingly helped Madoff continue and cover up his fraud in return for rich monetary rewards, and their defense lawyers insisting that their clients were unaware Madoff was acting illegally. Just one of the witnesses, former Madoff CFO Frank DiPascali, spent more than a month on the stand.
The five defendants are former operations chief Daniel Bonventre, portfolio managers Annette Bongiorno and Joann Crupi, and computer programmers Jerome O’Hara and George Perez. Each faces decades or centuries in prison if convicted.
Prior to the Madoff employee trial, the longest-ever white-collar trial in the Southern District of New York was that of Adelphia Communications executives John and Timothy Rigas in 2004. That took five months; the two men were convicted.
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 ...