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Ex-Madoff Employees Were Essential to Fraud, Prosecutor Says

Five former employees of Bernard L. Madoff helped conceal his $17 billion Ponzi scheme by making fake documents to trick customers and regulators for decades, a federal prosecutor told a jury.

The defendants created millions of false account statements and elaborate trading records to mislead anyone who came in contact with the company, and became rich in the process, Assistant U.S. Attorney Matthew Schwartz said today in his opening statement at the trial in federal court in New York.