Ex-employee to admit joining Bernard Madoff’s fraud in “early 1970s”

A longtime employee is set to put the lie to Bernard Madoff’s claim that he launched his epic Ponzi scheme during the recession of the early 1990s. David Kugel, a former supervisory trader at Madoff’s investment firm, has been cooperating with authorities and plans to plead guilty in Manhattan federal court on Monday, prosecutors revealed yesterday. In a letter to the judge, the feds said Kugel will admit conspiring in Madoff’s record $65 billion fraud “beginning in the early 1970s through December 2008.”

Read more: Ex-employee to admit joining Bernard Madoff’s fraud in “early 1970s” — New York Post