Two Madoff Employees Charged With Fraud
The Securities Exchange Commission (SEC) charged Annette Bongiorno and Joann Crupi with fraud. Both were long time employees of Bernard L. Madoff Investment Securities, LLC. According to the SEC Press Release on November 18, 2010, Bongiorno created false books and records for investors showing transactions that never happened, profits that were never realized and positions that never existed, in addition to withdrawing millions more than she deposited. Acting in supervisory capacity, Crupi, made investors believe the firm was a legitimate business, while cashing out selected accounts of friends or family members as the scheme was on the verge of collapse. Without the elaborate appearance of fake accounts, fake trades and fake profits, the SEC said Madoff’s scheme would not have been sustainable.