Ex-Madoff trader implicates other workers in decades-long fraud

Bernie Madoff

A former trader at Bernard Madoff's investment firm described on Thursday how he helped create false trades with two other former employees to prop up Madoff's $17bn Ponzi scheme.

Reuters David Kugel, who joined the firm in 1970 and worked there for nearly four decades, said he provided historical data on stock prices to Annette Bongiorno and Joann Crupi, who then fabricated trades in client accounts.

'If someone looked at it, it would look potentially like a real trade, like something that had taken place', he told a federal jury in New York.

Bongiorno and Crupi are among five former Madoff employees charged with aiding Madoff in a scheme that cost investors an estimated $17 billion. The other defendants are Daniel Bonventre, the firm's director of operations, and two computer programmers, Jerome O'Hara and George Perez.

Kugel, who pleaded guilty in 2011 as part of an agreement to cooperate with prosecutors, is the first insider to testify at the trial. He did not offer testimony implicating Bonventre, O'Hara or Perez on Thursday.

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Ex-Madoff trader implicates other workers in decades-long fraud

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image: © U.S. Department of Justice

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