Home > Cande = Conjecture & Exaggeration, Fande = Fact & Evidence, The Economy > More Cande than you know what to do with…Bernard Madoff’s financial fakery

More Cande than you know what to do with…Bernard Madoff’s financial fakery

Fande = Fact & Evidence; Cande = Conjecture & Exaggeration

http://finance.yahoo.com/news/Computer-programmers-accused-apf-1922510175.html?x=0&sec=topStories&pos=4&asset=&ccode=

EXCERPTS:

The SEC brought similar charges against the men on Friday in a parallel civil complaint.

O’Hara and Perez were hired by Madoff’s firm in the early 1990s to develop and maintain programs using a computer known as “House 17.” The programs allowed Madoff to generate account statements for thousands of clients “that purported to confirm the purchases of securities that, in fact, had not been purchased,” the complaint said….

“Their subterfuge was designed to conceal the fraud from regulators and others, and when they told Madoff they would no longer lie for him, their continued complicity was bought for a price,” Joseph Demarest, head of the FBI’s New York office, said in statement.

Madoff, 71, was sentenced in June to 150 years in prison for orchestrating a decades-long Ponzi scheme in which investors are paid with other investors’ money rather than actual profits on their investment. The scheme destroyed thousands of people’s life savings and wrecked charities.

O’Hara, 46, and Perez, 43, face up to 30 years in prison if convicted on all counts.

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