Madoff Staff's Lies Helped $65B Scheme, Prosecutor Says

Law360, New York (October 16, 2013, 9:30 PM EDT) -- Five former employees of Bernard Madoff's investment firm lied for years to enable Madoff's $65 billion Ponzi scheme, a federal prosecutor said Wednesday, launching a fraud trial against the staffers in New York district court that is expected to last five months.

Madoff’s multidecade scheme could not have occurred without help from a group of five managers, programmers and other employees who worked “every day” to keep the fraud alive, Assistant U.S. Attorney Matthew L. Schwartz told jurors on Wednesday afternoon.

The employees — former programmers...
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