NEW YORK (CBSNewYork/AP) — Bernard Madoff‘s longtime controller says it took her a decade to catch on to her boss’ shady practices, but she eventually went along with the Ponzi scheme and made $3 million in the process.
Enrica Cotellessa-Pitz, who worked for Madoff for three decades, began her testimony Monday in federal court in Manhattan. She pleaded guilty in 2011 to four counts — including broker-dealer fraud and filing false reports with regulators — and faces up to 50 years in prison. She said she is testifying against five former colleagues in exchange for leniency.
As WCBS 880’s Irene Cornell reported, Cotellessa-Pitz told the jury about a meeting of Madoff’s inner circle, in which he instructed her on how to transfer money from the so-called “investment firm” that was at the heart of the massive Ponzi scheme to his failing legitimate side of the business. When she looked confused, she quoted Madoff as saying, “You all know what we do here.”