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NEW YORK – Imprisoned financier Bernard Madoff's former director of operations for investments is set to be sentenced on charges related to his part in the company's multi-decade, multi-billion dollar fraud.
Sixty-seven-year-old Daniel Bonventre will hear his sentence on Monday in federal court. He's the first of five Madoff ex-employees to learn their fate in the coming days after a jury convicted them earlier this year.
The government is seeking prison terms of more than a decade for each, saying they're most culpable besides Madoff for a fraud that cost thousands of investors nearly $20 billion. In court papers, the government said their crimes involved ongoing and systematic deception; for years, they repeatedly lied to investors, regulators, auditors, and banks.
Madoff was arrested in December 2008.