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Former Madoff Employees Convicted of Concealing Ponzi Scheme

Mar 24, 2014
Jing Chen

Five Bernard Madoff’s former aides were convicted on Monday of assisting their boss hide his multi-billion Ponzi scheme for years.

Reuters reported that a federal jury in New York found back-office director Daniel Bonventre, portfolio managers Annette Bongiorno and Joann Crupi and computer programmers Jerome O'Hara and George Perez guilty of securities fraud in connection with clients of the former Bernard L. Madoff Investment Securities LLC. The group was also convicted of conspiring to defraud those clients. 

According to an eVestment article from earlier this month, victims of Bernard Madoff’s Ponzi scheme have been given an additional two months to seek compensation. Richard Breeden, who oversees the Madoff Victim Fund, and U.S. Attorney Preet Bharara extended the claims deadline to April 30 from February 28 after receiving more than 9,000 claims from people who said were defrauded by Madoff.

Arrested in December 2008 and pled guilty three months later, Madoff is currently serving a 150-year term in a North Carolina federal prison.

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