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.