Menu
Home

Crime & Courts

Prosecutor tells NY jurors each of 5 ex-Madoff employees played 'crucial role' in epic fraud

A prosecutor has started closing arguments in the New York trial of five ex-employees of Bernard Madoff by telling jurors that each of the defendants played a "crucial role" in the mammoth fraud.

Prosecutor John Zach said Tuesday that Madoff depended on his former secretary, his former head of operations, an account manager and two computer programmers to keep his fraud alive for four decades. It collapsed in December 2008 when he ran out of money and confessed to FBI agents that his business was a sham. He pleaded guilty and is serving a 150-year sentence at a federal prison.

The closing arguments come as a nearly six-month trial winds down in Manhattan. All of the defendants have pleaded not guilty and two of them testified.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 4.23% dw 4.25%  
15 Y Fixed Graph 3.23% up 3.21%  
30 Y Fixed Jumbo Graph 4.50% dw 4.54%  
5/1 ARM Graph 3.45% dw 3.56%  
5/1 Jumbo ARM Graph 3.69% up 3.55%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.36% up 4.35%  
$50K HELOC Graph 4.06% -- 4.06%  
$30K Loan Graph 5.08% up 5.06%  
$50K Loan Graph 4.51% up 4.50%  
$75K Loan Graph 4.51% up 4.50%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.93% up 2.92%  
36 M Used Graph 3.47% up 3.44%  
48 M New Graph 3.21% up 3.18%  
48 M Used Graph 2.98% up 2.92%  
60 M New Graph 3.23% up 3.18%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.34% up 0.33%  
1 yr Graph 0.66% up 0.65%  
5 yr Graph 1.34% -- 1.34%