BREAKING NEWS

New York: Former Madoff operations exec arrested

By ASSOCIATED PRESS

FEBRUARY 25, 2010 18:20

NEW YORK — The former operations director for Bernard Madoff Investment Securities was arrested Thursday to face conspiracy, securities fraud and tax charges.

Daniel Bonventre, 63, was arrested at his Manhattan home, said FBI spokesman James Margolin. Bonventre was expected to appear in federal court later in the day.

Prosecutors said that, with Bonventre's knowledge, hundreds of millions of dollars were siphoned out of accounts belonging to Madoff's clients and used to support other aspects of his business. In some cases, Madoff's company used client money as collateral to obtain loans.

Prosecutors also accused him of failing to report hundreds of thousands of dollars in income to the IRS.

The name of Bonventre's attorney was not immediately on record.

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