5 ex-employees convicted in first criminal trial to spring from Bernie Madoff's huge fraud
Source: Associated Press
NEW YORK (AP) — Five former employees of imprisoned financier Bernard Madoff were convicted Monday at the end of a six-month trial that portrayed them as telling an elaborate web of lies to hide a fraud that enriched them and cheated investors out of billions of dollars.
The trial — one of the longest in the storied history of Manhattan federal court — was the first to result from the massive fraud revealed in December 2008 when Madoff ran out of money and was arrested. He pleaded guilty and is serving a 150-year prison sentence.
The case focused on five people who prosecutors said helped him carry out the fraud.
Each was convicted of conspiracy to defraud clients, securities fraud, falsifying the books and records of a broker dealer. Prosecutors obtained convictions on all 33 charges, though only one defendant was charged in some counts.
Read more: http://www.usnews.com/news/business/articles/2014/03/24/5-madoff-ex-workers-convicted-in-cases-1st-trial
= new reply since forum marked as read
