Bernie Madoff

Paul Konigsberg will not have his good name dragged through the mud! Read more »

Five former aides to Bernard Madoff who spent decades working for his firm were found guilty of helping run the biggest Ponzi scheme in U.S. history, a $17.5 billion fraud exposed by the 2008 financial crisis. The three men and two women, hired by Madoff with little financial experience, were convicted on all counts. The defendants failed to persuade a federal jury in Manhattan they were ignorant of the fraud despite being part of the inner circle at his New York-based firm…The defendants are Annette Bongiorno, who ran the investment advisory unit at the center of the fraud; Joann Crupi, who managed large accounts; Daniel Bonventre, the ex-operations chief of Madoff’s broker-dealer; and computer programmers George Perez and Jerome O’Hara, accused of automating the scam as it grew rapidly in the 1990s. [Bloomberg]

The jurors considering the fate of Bernie Madoff’s co-Ponzi schemers/unwitting patsies are breaking their own record every day they fail to reach a verdict. Read more »

Irving Picard extracted $325 million from JPMorgan Chase at its most vulnerable, but has no intention of sharing any of it with the people who actually made money from Bernie Madoff’s little charade. And, “winners” that they are, those investors won’t be taking “diddly squat” for an answer, at least not from their buddy Irv. Read more »

In retrospect, JPM could’ve maybe solved that puzzle using the clues Madoff provided. Maybe. Read more »

“On the five-year anniversary of Bernie Madoff outing himself as the world’s most notorious white-collar criminal, the financial world still hasn’t learned some simple lessons. First, business journalists should stop listening to the fraudster himself. His multibillion-dollar scam caused at least three people to take their own lives, including his son Mark — yet Madoff remains mostly unrepentant and uncooperative. He continues to blame “the greed of others” and loves to offer his opinions on how Wall Street really works…Truth be told, I’m one of those reporters who spoke to Madoff in the years since he turned himself in. He banned me from contacting him in prison after I concluded a couple of years ago that he’s a delusional sociopath. It was one of the proudest days of my life.” [NYP]

Bernard Madoff’s former computer programmers asked for payment in diamonds to continue aiding the con man’s $17 billion Ponzi scheme in 2006 after they became uncomfortable with their role, a jury was told. The “crazy” request from Jerome O’Hara and George Perez was turned down and the men were given salary increases and bonuses, Frank DiPascali, Madoff’s former finance chief, testified today in Manhattan federal court in the trial of the men and three other ex-colleagues. “Where the hell am I gonna get a bag of diamonds?” said DiPascali, who pleaded guilty in the case and is testifying in a bid for a lighter sentence. The programmers, who said they were “in a bit of a pickle,” agreed on a “fairly substantial percentage increase” to their salaries, he said. [Bloomberg]