Former Madoff executive jailed

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Published: Monday 8th December 2014 by The News Editor

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Bernard Madoff’s former director of operations for investments has been sentenced to 10 years in prison.

Daniel Bonventre, 67, was sentenced today in federal court in New York for his part in the company’s years-long multibillion-dollar fraud.

Four other defendants are expected to learn their fate in the coming days.

The US government has said they are the most culpable defendants after Madoff for a fraud that cost thousands of investors nearly 20 billion US dollars (£12.8 billion).

In court papers, the government said their crimes involved ongoing and systematic deception. For years, they repeatedly lied to investors, regulators, auditors and banks.

Madoff was arrested in December 2008. He is serving a 150-year prison sentence.

Published: Monday 8th December 2014 by The News Editor

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