State University of New York Institute of Technology
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Jury Says 5 Madoff Employees Knowingly Aided Swindle of Clients' Billions

The head of one of the largest Ponzi schemes in history was Bernard L. Madoff, who was charged with 31 different counts.  It was stated that this scheme had been going on since the 1970's, but it was not until recently that it was brought to attention of the public.  "These convictions, along with the prior guilty pleas of nine other defendents, demonstrate what we have believed from the earliest stages of the investigation: This largest-ever Ponzi scheme could not have been the work of one person," said Preet Bharara, the United States attorney in Manhattan, whose office brought the case.  It is because of the complexity of the scheme that it is believed that others where involved in the scandal.  Several others claimed that they had no idea of the scheme and that they were "just following orders from Madoff because he was so well known on Wall Street."  A series of frauds and scams were brought to attention from others who worked for Madoff.  It was found that the others were well aware, but they tried to cover themselves by claiming they had no idea.  Investors lost about $17.3 billion to Madoff's scheme, but about $11 billion was able to be recovered.


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