Two more Madoff employees arrested
If you think the Bernard Madoff Ponzi Scheme fallout has ended, think again. It seems that prosecutors have not given up on the idea of charging more accomplices and family members, even as Bernie languishes in prison. The latest: The FBI has arrested two long-time, loyal clerical workers--JoAnn Crupi and Annette Bongiorno--at their homes and charged them with fraud. They both did the back office work that kept the scheme going.
Bongiorno, 62, spent 40 years working at the firm and ran the back office. Crupi, 49, worked for Madoff for 25 years, according to the Financial Times. Both worked on the shrouded-in-secrecy 17th floor and used the big IBM computer that cranked out false customer statements.
What is the point of these arrests? It's pretty clear prosecutors still have their eye on the big fish, that would be Bernie's brother Peter and his two sons and possibly his niece. They have yet to be charged, but who knows what's coming down the pike. My guess is that the prosecutors leaned hard on Crupi and Bongiorno, who refused to cooperate.
Now the feds are turning up the heat. Both targets could end up spending the rest of their lives in jail. So, the investigation is alive and well. And the Madoff family is no doubt turning in their sleep. Is there a smoking gun somewhere?
There are some new twists emerging. Apparently,Madoff's scheme was on the verge of collapse twice, but was bailed out by a mystery investor, according to the WSJ's MarketBeat.
For more:
- here's the article
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