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.
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