The woman who ran Bernard Madoff’s investment advisory business admitted she didn’t tell federal investigators in 2009 that her duties included backdating trades and turning stocks into bonds with a few pen-strokes.
Bloomberg's Erik Larson reports that Annette Bongiorno, accused with four former colleagues of aiding Madoff’s $17bn Ponzi scheme, acknowledged in cross-examination that she omitted details of some of her biggest backdating projects when she was interviewed by the government after the con man’s arrest. She did so, even though she has claimed not to have known that backdating was illegal.
'If I didn’t, it’s because I forgot - I was scared', Bongiorno said last week in Manhattan federal court. 'He told me what to do', she said, referring to Madoff.
The criminal trial, now in its fifth month, is the first stemming from the scheme, which collapsed after Madoff’s arrest in December 2008 revealed his investment unit hoarded customer cash instead of using it to buy securities. Bongiorno, a Madoff employee for 40 years, is in her third day of testimony.
To access the complete Bloomberg article hit the link below:
image: © mjtmail (tiggy)