Trial of ex-Madoff staff to shine new light on Ponzi Scheme

Bernie Madoff

Bernard Madoff’s former personal secretary is among five of the con man’s ex-employees who will be the first to face a jury in a criminal trial for their alleged roles in carrying out the world’s biggest Ponzi scheme.

Bloomberg News reports that the former employees, all of whom have pleaded not guilty, include Annette Bongiorno, who worked with Madoff for 40 years and helped recruit investors. Jury selection for the trial, which the judge estimated could last five months, is slated to start October 7 in federal court in Manhattan.

The proceeding will offer the fullest public accounting yet of how Madoff carried out the fraud, which cost thousands of investors $17bn in lost principal and billions more in imaginary profit. A bankruptcy court trustee is still selling assets and re-paying victims. Earlier guilty pleas by Madoff, 75, and some of his top aides averted a trial until now.

'People have always wondered what was known inside Madoff’s operation and this trial will be our first window into that world', said Stephen Miller, a former federal prosecutor and a lawyer at Cozen O’Connor in Philadelphia. 'There hasn’t been an insider telling their story publicly yet'.

Hit the link below to access the complete Bloomberg article:

Madoff Ex-Worker Trial to Shine New Light on Ponzi Scheme

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