Federal agents indicted two close associates of famed Ponzi schemer Bernard Madoff Thursday morning, the bureau said in a news release.
Annette Bongiorno and Joann Crupi are suspected of having played a key role in the Madoff Ponzi scheme that collapsed in 2008. They are charged with conspiracy, securities fraud, tax evasion and other crimes.
“As everyone knows, Bernard Madoff perpetrated the largest financial fraud in history, but as we allege again today, others criminally assisted his epic crime. A house of cards is almost never built by one lone architect”, Southern District of New York U.S Attorney Preet Bharara said in a statement. “Year after year, Annette Bongiorno and Joann Crupi protected and perpetuated the Madoff mirage, while putting very real money in their own pockets.”
According to the indictment unsealed Thursday, the two women knowingly and actively participated in the fraud, which cost investors more than $20 billion in losses.
Bongiorno, who was responsible for recruitment at Bernard L. Madoff Investment Securities LLC, and Crupi, a partner in the firm for more than 25 years, are suspected of falsifying account statements for investors and cashing out Madoff’s clients as the fraud collapsed.
If convicted, Bongiorno and Crupi face up to 75 and 65 years in prison, respectively.
