Bernard Madoff was generous to his employees and didn’t have policies in place for corporate credit cards used by executives to pay for family vacations and thousands of dollars worth of wine, a jury was told.
Bloomberg reports that there wasn’t an obvious business purpose for many charges, including trips to Disney World and Las Vegas, that Madoff’s securities firm paid each month, Charlene White, whose job included running dozens of monthly reports and helping process company checks, told jurors yesterday in the trial of five former employees accused aiding Madoff’s $17bn fraud.
'There weren’t any rules', White testified. It’s 'correct' that no expenses were ever turned down and there wasn’t a reason to be suspicious, she said under cross-examination by defense lawyers.
White, who started as a temporary employee at Madoff’s securities firm in 1993, was the second witness to testify in the first criminal trial stemming from the fraud uncovered at the peak of the financial crisis five years ago. U.S. District Judge Laura Taylor Swain in Manhattan said the trial could last as long as five months.
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