Madoff's ex-accountant pleads guilty over Ponzi scheme

Bernie Madoff

Bernard Madoff’s former accountant, Paul Konigsberg, pleaded guilty aiding the biggest Ponzi scheme in U.S. history, a $17.5bn fraud exposed by the 2008 financial crisis.

Bloomberg News reports that Konigsberg, 78, pleaded guilty to three counts today before U.S. District Judge Laura Taylor Swain in Manhattan. While he admitted falsifying records of a broker-dealer and an investment adviser to help some Madoff clients backdate trades, he said he didn’t know the con man was ripping off thousands of customers.

'I was not aware of Madoff’s horrible and evil Ponzi scheme', Konigsberg said while reading from a prepared statement in court. He choked up as he recalled the 'pain and suffering of so many people', including his own family.

As part of his plea deal, Konigsberg agreed to forfeit $4.4m. He faces a maximum sentence of 30 years in prison, plus at least $5.5m in penalties, Swain said.

To access the complete Bloomberg News article hit the link below:

Ex-Madoff Accountant Konigsberg Pleads Guilty to Fraud

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