1,000,000 + Attorneys and Legal Staff - Legal employers hire more people on LawCrossing than any other site.
Director of CIA Apologizes to Senate Intelligence Committee
Director of CIA Apologizes to Senate Intelligence Committee
Archdiocese of Milwaukee Must Pay Legal Fee Bill of $1.35 Million
Archdiocese of Milwaukee Must Pay Legal Fee Bill of $1.35 Million
Registry for Same-Sex Couples Upheld by Wisconsin Court
Registry for Same-Sex Couples Upheld by Wisconsin Court
Ruth Bader Ginsburg Says She Will Not Leave the Bench
Ruth Bader Ginsburg Says She Will Not Leave the Bench
Your profile matches an open legal position. Apply now!
Job Listings

Oldest Madoff Employee Admits to Fudging Records, But Never Suspecting Fraud

facebooktwittergoogle_plusredditpinterestlinkedinmail

On Thursday, Irwin Lipkin, 74, the oldest Madoff employee who was not a Madoff family member, pleaded guilty to falsifying records. Prosecutors said he was part of the conspiracy that began in the 1970s and created Bernard Madoff’s multibillion-dollar Ponzi scheme.

Lipkin admitted he had been fudging records for the better part of three decades, but he never ever suspected fraud. Lipkin, a former controller of Bernard L. Madoff told the court, “While working for Bernie Madoff, I made accounting entries in financial records that I knew were inaccurate … At no time before I retired was I ever aware that Mr. Madoff or anyone else at the company was engaged in the Ponzi scheme reported in the media.”

Lipkin had joined Madoff’s firm in 1964 as the first employee of the firm, who was not a Madoff family member. Even after retiring in 1998, both he and his wife remained on Madoff payroll, did no work, but kept receiving benefits, Lipkin admitted. Prosecutors alleged that Lipkin had begun changing the financial records “as early as the mid 1970s.”

Lipkin’s son, who also used to work for Madoff, pleaded guilty last year to criminal charges of bank fraud and of reporting people as Madoff employees falsely, so they could receive retirement benefits.

Madoff, 74, pleaded guilty to the fraud originally estimated at $64.5 billion, in 2009, and is currently serving a sentence of 150 years in prison. In June this year, Bernard’s brother Peter Madoff pleaded guilty to criminal charges, and agreed to a 10-year prison term scheduled for sentence in December.

What

 job title, keywords

Where

 city, state, zip



Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!


Only five among a dozen or so employees charged in the Madoff case have continued to plead not guilty and will face trial. On Thursday, Lipkin said one among those five, Annette Bongiorno, used to help him falsify trading records.

The case is U.S. v. O’Hara et al, U.S. District Court, Southern District of New York, No. 10-cr-228.

Oldest Madoff Employee Admits to Fudging Records, But Never Suspecting Fraud by
facebooktwittergoogle_plusredditpinterestlinkedinmail

Tagged:

Posted by on November 12, 2012. Filed under Legal News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
International Tax Associate
USA-NY-New York City

Prestigious foreign-based international law firm seeks 4th to 7th year U.S. tax associate for its New York office.  The candidate must have 4-7 years of experience in international taxation, pref...