Madoff's Ex-Secretary Gets House Arrest Pending NY Trial

Annette Bongiorno faces trial in Manhattan on charges of conspiracy and securities fraud

By Tom Hays
|  Friday, Jan 7, 2011  |  Updated 1:30 PM EDT
View Comments (
Bernard Madoff & His Victims


Annette Bongiorno

Photos and Videos
More Photos and Videos

Bernard Madoff's former secretary made bail Friday and will await her New York trial while on house arrest.

Annette Bongiorno, of Boca Raton, Fla., is facing trial in Manhattan on charges of conspiracy and securities fraud.

A federal judge agreed Friday to reduce her bail from $5 million to $3 million. She was expected to be released later in the day to house arrest on Long Island.

Her lawyers had sought the bail reduction. They said electronic monitoring and frozen finances would eliminate any flight risk.

Authorities allege she helped Madoff cover up a multibillion-dollar Ponzi scheme that made her wealthy as it wiped out the life savings of thousands of clients.

Bongiorno was recently named in a new indictment along with another back office worker, Joann Crupi, former operations chief Daniel Bonventre and computer programmers Jerome O'Hara and George Perez. The four have remained free on bail.

The indictment alleges that Bongiorno and Crupi, 49, "'executed' trades in the accounts of (wealthy clients) only on paper ... and that achieved annual rates of return that had been predetermined by Madoff."

Prosecutors say Bongiorno deposited about $920,000 in her own Madoff account from 1975 to 2008 and withdrew more than $14 million in investor funds over the same period to buy expensive homes and pay for other luxuries.

Madoff, 72, pleaded guilty to fraud charges last year and is serving a 150-year prison sentence.

An investigation continues to determine who knew about Madoff's fraud or assisted it during its more than two-decade existence. Authorities have said they continue to investigate Madoff's brother Peter and son Andrew, who were executive in the Madoff firm's market-making and proprietary-trading business. Neither has been charged.

Madoff's eldest son, Mark, who had also worked at Madoff's firm and had been a subject for investigators, committed suicide on the two-year anniversary of his father's arrest.

Get the latest headlines sent to your inbox!
View Comments (
Leave Comments
What's New
Follow us on Instagram!
We post photos taken by our news... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out