Fifth Madoff Lieutenant Gets Six Years

Dec 16 2014 | 9:48am ET

A former Bernard Madoff portfolio manager has been sentenced to six years in prison for her role in the con man’s $65 billion Ponzi scheme.

Joann Crupi, who handled the daily cash balances at Madoff’s firm for 25 years, was the last of five Madoff lieutenants convicted in March. She had faced up to 14 years in prison.

“She was compliant with everything and questioned little,” U.S. District Judge Laura Taylor Swain said, while serving as the “reassuring voice of Madoff Securities.”

In addition to her prison term, Crupi was ordered to forfeit $33.9 billion.

“Knowing my work played a part in carrying out this horrible scheme will cause me shame and remorse for the rest of my life,” Crupi offered.

Crupi’s sentence matches that imposed on her fellow portfolio manager, Annette Bongiorno. The firm’s former operations chief, Daniel Bonventre, was sentenced to 10 years in prison, and two former computer programmers, George Perez and Jerome O’Hara, got two-and-a-half years.


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