Ex-Madoff executive didn't realise backdating customer traders was wrong

Bernie Madoff

Annette Bongiorno, who ran the investment advisory business at the centre of Bernard Madoff’s $17bn Ponzi scheme, told a jury she backdated customer trades almost every day and didn’t realize it was wrong.

Bloomberg's Erik Larson reports that Madoff’s use of historical buy-and-sell dates to reach pre-determined profits on securities trades was standard procedure at the firm, Bongiorno testified yesterday in Manhattan federal court, where she and four other ex-Madoff employees are accused of aiding the con man’s fraud. During her 40 years at the company, no one suggested the process was a scam, she said.

'Did it seem strange to you to be entering them after-the-fact ?' Roland Riopelle, Bongiorno’s lawyer, asked her, referring to the trades in customer accounts.

'No', she replied.

To access the complete Bloomberg article hit the link below:

Ex-Madoff Executive Tells Jury She Wasn't Fazed by Backdated Trades

Morgan Stanley Records Trading Losses for 33 Days in 2013 

images: © Clyde Robinson, © U.S. Department of Justice

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