Madoff jurors should use 'common sense' in fraud trial

Madoff Mini-Me

A federal prosecutor urged jurors on Wednesday to use their common sense to find five former employees of Bernard Madoff guilty of helping him carry out a massive fraud on his investors

'For more than 30 years, Bernard Madoff ran a multibillion- dollar fraud that turned out to be the biggest Ponzi scheme in history', Assistant U.S. Attorney Matthew Schwartz said.

Reuters reports that the defendants - a director of operations of Madoff's office, two computer programmers and two portfolio managers - are accused of creating false records and transactions to fool investors and regulators.

They have pleaded not guilty to dozens of charges, including securities fraud and conspiracy to defraud Madoff's clients.

'These are the people who helped him do it', Schwartz said as he made opening arguments for the prosecution in a packed ceremonial courtroom, used for major trials.

Investors lost about $19bn in the scheme, which Madoff's firm valued as high as $65bn, Schwartz said. Madoff, 75, is serving a 150-year prison sentence after pleading guilty in 2009.

To access the complete Reuters article hit the link below

Prosecutors appeal to common sense in trial of Madoff employees

New UK banking standards chief won't be 'a poodle'

EU's Barnier defends bankers' bonus cap

image: © Clyde Robinson

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News