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Browse: Home / 2011 / November / 17 / Ex-employee to admit joining Bernard Madoff’s fraud in “early 1970s”

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

By Securities Docket on November 17, 2011, 12:11 pm

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

Posted in Criminal, Top | Tagged Financial Fraud, Guilty Pleas, Madoff

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