Ex-Madoff employee avoids jail

Bernie Madoff

A former Bernard Madoff employee who helped create fake securities trades to trick customers for years avoided a prison sentence, the third ex-worker to do so after assisting in the prosecution of one-time colleagues.

Bloomberg News reports that David Kugel, a trader in the con man’s legitimate brokerage operation for almost four decades, had faced as long as 85 years behind bars for his role in the $17.5bn Ponzi scheme that collapsed on December 11, 2008.

U.S. District Judge Laura Taylor Swain, who oversaw the only trial tied to the unprecedented fraud, sentenced Kugel Wednesday in Manhattan to two years of probation, including 10 months’ home detention, and ordered him to perform 200 hours of community service.

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Third Madoff Employee Avoids Prison Term After Aiding U.S.

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