BREAKING NEWS

2 Madoff workers arrested in US, charged with conspiracy

By ASSOCIATED PRESS

NOVEMBER 19, 2010 02:41

NEW YORK — Two longtime back office employees of Bernard Madoff were arrested Thursday on charges that they helped the disgraced financier dupe investors for decades by making fictitious investments — and that they cashed in on the epic Ponzi scheme themselves.

FBI agents arrested Joann Crupi at her house in Westfield, New Jersey, while Annette Bongiorno was picked up at her home in Boca Raton, Florida.

An indictment unsealed in federal court in Manhattan alleges that Crupi, 49, and Bongiorno, 62, "'executed' trades in the accounts of (wealthy clients) only on paper ... and that achieved annual rates of return that had been predetermined by Madoff."

Prosecutors, citing internal communications, say Bongiorno used a computer program designed to backdate trades and manipulate account statements.

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