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Madoff Assistants Prepared Fake Trade Tickets

Mar 9, 2009 | Parker Waichman LLP Two of Bernard Madoff's assistants created what are now believed to be fake trading tickets.  According to The Wall Street Journal, the stock tickets  supposedly showed gains that were later applied to client accounts.

The two assistants, who did clerical work for Madoff, reportedly told government investigators that their supervisor, Annette Bongiorno, would ask them to research daily share prices for blue-chip stocks from the previous month or several months.   Bogniorno would then instruct the assistants to use that data to compose the trading tickets.  According to the Journal, the tickets showed profitable trades that coincided with the returns Madoff claimed.

According to the Journal, the two assistants were given proffer agreements by prosecutors, which means their statements won't be held against them as long as the are truthful.

Meanwhile, various media sources are continuing to report that Madoff is expected to plead guilty to fraud charges during a hearing in Federal Court on Thursday.  According to The Wall Street Journal, those charges are expected to include securities fraud, wire fraud, mail fraud and money laundering.

If Madoff does, in fact, plead guilty, prosecutors will have more time to devote to other people who might have been involved in the alleged fraud, The Wall Street Journal said.  Some of those individuals could include relatives, like his wife and sons, who had worked with his firm.

Newsday is also reporting that Madoff's wife, Ruth, will be hiring her own attorney. At one time, Ruth Madoff kept her husband's books. One unidentified defense attorney told Newsday that such a move could be a sign that her husband is preparing to plead guilty. 

Ruth Madoff is also trying to hold on to millions of dollars in assets the couple holds.   As we reported last week, Madoff’s lawyers claimed the couple’s $7 million Manhattan penthouse, $45 million in municipal bonds and another $17 million held in separate account belonged to Ruth Madoff. Advocates for Madoff’s investors have decried this move, pointing out that Ruth Madoff was her husband’s bookkeeper for a time, and thus may be both civilly and criminally culpable for his fraud.

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