20 December 2011, 07:20

Madoff's ex-controller faces 50 years

Madoff's ex-controller faces 50 years

An female employee of Bernard Madoff’s financial company and Bernard Madoff's ex-controller, Enrica Cotellessa-Pitz, on Monday pleaded guilty to complicity in the giant fraud scheme some are calling the Pyramid of the Century.

An female employee of Bernard Madoff’s financial company and Bernard Madoff's ex-controller, Enrica Cotellessa-Pitz, on Monday pleaded guilty to complicity in the giant fraud scheme some are calling the Pyramid of the Century.

In federal court in New York, she confirmed that over the years she had forged the financial statements of the company which were given to the tax authorities and auditors.

The defendant drew up documentation for transactions which in real life never happened.

Ms. Pitz faces up to 50 years in prison.

In June 2009, Madoff was sentenced to 150 years in prison.

In court, he admitted that for 20 years, he had been lying to investors.

Without making any deals, he simply transferred money from one bank account to another, creating the illusion of making profit .

RIAN

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