Ex-Madoff employee felt 'sick' over high returns

Bernie Madoff

A former employee of Bernard Madoff on trial for allegedly aiding the con man’s $17bn fraud told investigators in 2008 that he closed his personal investment account two years before the Ponzi scheme unraveled because the consistently high returns made him feel 'sick'.

Bloomberg reports that Daniel Bonventre, who oversaw Madoff’s legitimate broker dealer and proprietary trading units, 'said he woke up with a sick feeling in his stomach' in 2006 and later closed his account at the company’s investment advisory business, Meghan Schmidt, a consultant who helped unravel the fraud after its discovery, told jurors yesterday in federal court in Manhattan.

Bonventre made the comment, Schmidt said, to her two days after Madoff’s 11th December 2008, arrest, as employees of the consulting firm AlixPartners, where Schmidt works, fanned out across the three floors of Madoff’s high-rise offices to secure documents and ascertain where the business stood.

AlixPartners had been hired by a court-appointed receiver through the U.S. Securities and Exchange Commission, she said. At the time, Bonventre hadn’t been accused of any crime.

To access the complete Bloomberg article hit the link below

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