Madoff Said Fake Trades Shouldn't 'Look Ridiculous,' Jury Told

Law360, New York (October 31, 2013, 10:24 PM EDT) -- A former trader for Bernard Madoff testified Thursday that he was allowed to make up trades to explain fictitious profits in his account at Madoff’s firm, saying one of the few rules was “don’t make it look ridiculous."

David Kugel, a trader and compliance analyst at Bernard L. Madoff Investment Securities LLC, told jurors that Madoff at one point gave him permission to fabricate trades that appeared on account statements for his own BLMIS account.

Kugel, who has pled guilty to securities fraud, is testifying for...
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