Bernard Madoff's longtime lieutenant testified on Monday that several former colleagues were deeply enmeshed in Madoff's decades-long Ponzi scheme, using everything from fake trades to a refrigerator to hide the truth about the fraud. Frank DiPascali, Madoff's one-time chief financial officer, told jurors in New York federal court that the scheme stretched back "as far as I can remember," to his earliest days at the firm as a 19-year-old in the mid-1970s. Annette Biongiorno and Joann Crupi, who managed clients' investment accounts for the unit where the fraud took place, and computer programmers Jerome O'Hara and George Perez. On Monday, DiPascali testified that Biongiorno inserted fake trades into customer statements, including hedges that were never placed, in order to make it seem as though clients had not lost money when the stock market cratered in 1987.
via Business News - Yahoo Finance http://finance.yahoo.com/news/fake-trades-fridge-used-madoff-233059683.html
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