Govt: Employees aided Madoff's 'elaborate fiction' - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Govt: Employees aided Madoff's 'elaborate fiction'

Posted: Updated:
By LARRY NEUMEISTER and TOM HAYS
Associated Press

NEW YORK (AP) - Opening statements by defense lawyers are slated to begin in the New York fraud trial of five former employees of imprisoned financier Bernard Madoff.

Thursday's defense openings come a day after a prosecutor portrayed the ex-employees as greedy, lying thieves who assisted Madoff in history's biggest Ponzi scheme.

Defense lawyers are expected to strike back, saying their clients were duped by Madoff like everyone else. The 75-year-old Madoff is serving a 150-year prison sentence after admitting five years ago that he cheated thousands of investors out of nearly $20 billion.

Assistant U.S. Attorney Matthew Schwartz said Madoff could not have carried out the fraud without help. The trial of Madoff's longtime secretary, his director of operations, an account manager and two computer programmers is expected to last five months.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Your MoneyMore>>

  • Google considers accounts for 10-year-olds

    Google considers accounts for 10-year-olds

    Wednesday, August 20 2014 8:31 AM EDT2014-08-20 12:31:04 GMT
    Kids already spend plenty of time on computers and smart phones. Now Google reportedly wants to get youngsters set up with their own Gmail and YouTube accounts. Some parents told us they aren't thrilled with the idea. Currently, Internet companies such as Google and Facebook do not offer their services to children under 13, but many youngsters and their parents find a workaround.
    Kids already spend plenty of time on computers and smart phones. Now Google reportedly wants to get youngsters set up with their own Gmail and YouTube accounts. Some parents told us they aren't thrilled with the idea. Currently, Internet companies such as Google and Facebook do not offer their services to children under 13, but many youngsters and their parents find a workaround.
  • Facebook tries satire label

    Facebook tries satire label

    Tuesday, August 19 2014 10:32 PM EDT2014-08-20 02:32:56 GMT
    We've all fallen for at least one joke in our lives, probably some internet hoax meant to get a rise out of people. But now Facebook is trying to stop the spread of those fake jokes and stories. When you get the day's headlines from your social media news feed, it can be a challenge to figure out what might be made up or what might be the shocking truth.
    We've all fallen for at least one joke in our lives, probably some internet hoax meant to get a rise out of people. But now Facebook is trying to stop the spread of those fake jokes and stories. When you get the day's headlines from your social media news feed, it can be a challenge to figure out what might be made up or what might be the shocking truth.
  • NJ weighs gambling outside Atlantic City

    NJ weighs gambling outside Atlantic City

    Tuesday, August 19 2014 3:32 PM EDT2014-08-19 19:32:06 GMT
    Momentum to shift some gambling away from Atlantic City increased Tuesday as a state senator introduced plans for a constitutional amendment that would put slot machines at New Jersey's four horse racing tracks, a business group increased its planning for an anticipated full-blown casino at the Meadowlands sports complex and the state gave final approval for the Showboat to shut down.
    Momentum to shift some gambling away from Atlantic City increased Tuesday as a state senator introduced plans for a constitutional amendment that would put slot machines at New Jersey's four horse racing tracks, a business group increased its planning for an anticipated full-blown casino at the Meadowlands sports complex and the state gave final approval for the Showboat to shut down.
Powered by WorldNow

KTBC FOX 7
119 East 10th Street
Austin, TX 78701

Phone: (512) 476-7777
Fax: (512) 495-7001

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices