Kenneth Rijock

Kenneth Rijock

Friday, December 12, 2014

BERNARD MADOFF'S SECRETARY GETS SIX YEARS FOR HER ROLE IN PONZI SCHEME

Diminutive (4'6") Annette Bongiorno
Annette Bongiorno, the former secretary to mega-Ponzi schemer Bernard Madoff, was sentenced this week, to serve six years in Federal Prison, for her actions in support of the $65bn fraud. She reportedly backdated stock trades, lied to auditors and regulators, and facilitated the Ponzi scheme in a number of ways; Bongiorno was Madoff's secretary for 40 years.

The lesson to be learned here is that, when a Ponzi scheme implodes, everyone involved, even on the fringes, pay the price for their roles in the fraud. Secretaries and clerical help in other white-collar cases often blame their bosses for ordering them to participate, and they receive immunity, in exchange for their testimony. In a busted Ponzi scheme, everyone goes down.

The takeaway is that, should you even remotely suspect that a client, counter-party, customer, partner, or affiliate might possibly be engaged in this type of conduct, you are advised to consult your attorney forthwith, lest you be dragged down later on, and become collateral damage in a take-no-prisoners situation.    

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