Legal News

Oldest Madoff Employee Admits to Fudging Records, But Never Suspecting Fraud
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

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.”

  
What
Where


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.

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.

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!!




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





 

RELEVANT JOBS

Corporate Attorney

USA-NJ-Fairfield

Full-Time or Part-Time Corporate Attorney We are a boutique corporate and commercial transactiona...

Apply now

Experienced Family Law and Estate Litigation Attorney

USA-NJ-Ridgewood

Prominent Ridgewood, NJ Elder Law firm seeking a New Jersey Licensed Attorney with at least two year...

Apply now

Full-Time Litigation Associate

USA-CA-Los Angeles

Downtown Los Angeles law firm seeks a full-time litigation associate.  Ideal candidates should ...

Apply now

Attorney

USA-CA-Newport Beach

The Newport Beach office of Lee Hong Degerman Kang & Waimey is looking for graduates of accredited l...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Litigation Associate Attorney

USA-FL-Maitland

Maitland office of our client seeks litigation associate attorney with 2+ years of experience in def...

Apply Now

Litigation Associate Attorney

USA-NC-Charlotte

Charlotte office of our client seeks associate attorney with 1-3 years of civil litigation. The cand...

Apply Now

Litigation Attorney at Law

USA-NJ-Eatontown

Eatontown office of our client seeks litigation attorney at law with experience. The candidate shoul...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top