Madoff Aide Allegedly Got Fake Trading 'Tickets'
A longtime aide to disgraced financier Bernard Madoff instructed two assistants to generate trading tickets, now believed to be bogus, for Madoff's investing clients, the Wall Street Journal reports, citing to information the assistants gave the government in the investigation.
The assistants told prosecutors their supervisor, Annette Bongiorno, a four-decade veteran of the Madoff firm, would ask them to research daily share prices for blue-chip stocks from the previous month or several months, according to a person familiar with their statements, the Journal reports.
Using the data of past share prices, Bongiorno would then instruct the assistants to generate "tickets" showing purported trades, which resulted in gains that were in line with Madoff's steady annual returns, this person said. Bongiorno couldn't be reached for comment, the newspaper reports.
The development comes as Madoff signaled last week that he will plead guilty to numerous crimes during a scheduled hearing in federal court on Thursday, people familiar with the case say. Madoff's attorney, Ira Sorkin, declined to comment, the Journal says.A person close to the case said last week that Madoff is expected to plead guilty at a hearing Thursday to charges that he carried out a massive swindle of as much as $50 billion, the Associated Press reports. A federal judge issued an order inviting potential victims who wish to be heard at Thursday's hearing to notify the court a day earlier. Madoff is waiving his right to have a grand jury hear the government's case against him, agreeing instead to be charged directly by prosecutors, a step defendants take when they are preparing to plead guilty in a case, according to AP.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV