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Bernard Madoff demanded his inner circle rush to re-create years’ worth of fake account documents for a feeder fund that in 1992 attracted unwanted attention from regulators, the con man’s ex-finance chief told a jury.
Bloomberg reports that Madoff began swearing and 'throwing himself around the office like a lunatic' after hearing Avellino & Bienes, a Florida investment firm that funnelled money to his fraud, was being probed for failing to register its promissory notes as securities, Frank DiPascali, 57, told a jury in Manhattan federal court yesterday at the trial of five former colleagues.
Annette Bongiorno, who ran Madoff’s investment advisory unit and is one of the defendants in the case, created fresh sets of fake stock purchases and randomized trading numbers for the new Avellino & Bienes statements and kept detailed notes of her efforts, said DiPascali, who pleaded guilty to aiding the fraud and is testifying in a bid for a lighter sentence.
DiPascali, who started working for Madoff as a researcher when he was 19 years old in 1975, is the highest-ranking former Madoff executive to testify in the first criminal trial stemming from the Ponzi scheme.
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image: © U.S. Department of Justice