NEW YORK (CBSNewYork) — A prosecutor started closing arguments in the New York trial of five ex-employees of Bernard Madoff by telling jurors that each of the defendants played a “crucial role” in the mammoth fraud.
As WCBS 880’s Irene Cornell reported, prosecutor John Zach told jurors Tuesday that Madoff depended on his former secretary, his former head of operations, an account manager and two computer programmers to keep his fraud alive for four decades. It collapsed in December 2008 when he ran out of money and confessed to FBI agents that his business was a sham. He pleaded guilty and is serving a 150-year sentence at a federal prison.
The lost to investors in real money was $20 billion, said Zach, while the loss in what the investors thought they had amounted to over $60 billion.
Zach said the defendants were motivated by money — they all became multimillionaires by tending Madoff Ponzi scheme.
The closing arguments come as a nearly six-month trial winds down in Manhattan.
Prosecutors have described the defendants as “necessary players” in Madoff’s scheme.
They allege that Daniel Bonventre, Madoff’s former operations manager, kept three separate books on the business designed to fool the Securities and Exchange Commission, banks or anyone else who examined them; that Annette Bongiorno, who handled the customer side of the fake investment business, and JoAnn Crupi, the account manager, used old stock tables to fabricate account statements and other fake records intended to dupe clients by showing steady returns even during economic downturns; and that computer programmers Jerome O’Hara and George Perez developed a software program that automated the scheme.
All of the defendants have pleaded not guilty and two of them testified.
You May Also Be Interested In These Stories
- Rail Unions Reach Tentative Agreement In Negotiations With NJ TRANSIT
- Police: Pedestrian Killed In Early Morning Hit-And-Run In Hoboken
- Nassau County Cops Say Colorado Man Made Inappropriate Contact With LI Teen
- Surveillance Photos Show Suspects In Bushwick Break-In, Assault
(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)