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Correction: BC-US—Madoff Fraud-Trial story
Question of the Day
NEW YORK (AP) - In a story March 24 about the convictions of five former employees for imprisoned financier Bernard Madoff, The Associated Press misspelled the last name of the attorney for defendant Annette Bongiorno. He is Roland Riopelle, not Ripoelle.
A corrected version of the story is below:
5 Madoff ex-workers convicted in case’s 1st trial
5 ex-employees convicted in first criminal trial to spring from Bernie Madoff’s huge fraud
By LARRY NEUMEISTER
NEW YORK (AP) - Five former employees of imprisoned financier Bernard Madoff were convicted Monday at the end of a six-month trial that cast them as the long arms of their boss, telling an elaborate web of lies to hide a fraud that enriched them and cheated investors out of billions of dollars.
The trial, one of the longest in the storied history of Manhattan federal court, was the first to result from the massive fraud revealed in December 2008 when Madoff ran out of money and was arrested. And it was a renunciation of Madoff’s claim when he pleaded guilty to fraud charges in March 2009 before trial that he acted alone.
“The evidence was just overwhelming,” juror Craig Parise told reporters as he left the courthouse.
Another juror, Sheila Amata, said she hoped “this brings some level of closure” to the victims. She added that the “facts spoke for themselves” in the case and that Madoff, who is serving a 150-year prison sentence, “seemed to have a split personality.” Evidence showed him showering employees, friends and some select customers with favors and riches while he plundered the investment accounts of others.
The case focused on five people who prosecutors said helped Madoff carry out the fraud.
Each was convicted of conspiracy to defraud clients, securities fraud and falsifying the books and records of a broker dealer. Prosecutors obtained convictions on all 31 charges, though only one defendant was charged in some counts.
Prosecutors unveiled hundreds of exhibits and showcased dozens of witnesses to try to prove charges against Annette Bongiorno, 66, Madoff’s longtime secretary; Daniel Bonventre, 67, his director of operations for investments; JoAnn Crupi, 53, an account manager; and Jerome O'Hara, 51, and George Perez, 48,computer programmers.
The maximum potential sentences range from 78 years to 220 years in prison when the charges for each defendant are stacked up, but the actual sentences are likely to be far below that once the judge takes into consideration prior records and other facts unique to each defendant.
The defendants largely took the verdicts in stride except for Crupi, who looked shocked when the first guilty verdict was read and later shook her head.
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