FBI Authorities arrested Friday the two programmers allegedly used by Bernard Madoff to accomplish probably the biggest investment fraud in Wall Street history.
Jeremy O’Hara, 46, and George Perez, 43, were both arrested and charged with conspiracy for falsifying financial books and records for the broker-dealer and investment arms of Madoff’s Investment Securities Company.
According to a federal prosecutor, the programmers designed and created codes and random algorithms to deceive company investors and regulators. It helped conceal Madoff’s crimes. The two are now under investigation for the roles they played in the massive fraud.
O’Hara’s attorney Gordon Mehler said they intend to enter a plea of not guilty after Judge Ronald Ellis of the Manhattan federal court ordered the men released on $1 million bail with travel restrictions.
Criminal complaints against O’Hara and Perez involve allegations that they developed computer programs to create books and records for a subset of Madoff Investment clients, changed account holder names, buyers and sellers of shares, altered trade transaction details, and made it look like the company was buying and selling securities on the London Stock Exchange.
Allegations also stated that the two were responsible for the software that produced misleading reports that were submitted to U.S. regulators and a European accounting firm that reviewed the firm’s activities.
Federal prosecutors in Manhattan hinted that other un-named “co-conspirators” at the Madoff firm are now being targeted.
Bernard Lawrence “Bernie” Madoff is the former Chairman of the NASDAQ stock exchange. He founded Bernard Madoff Investment Securities, LLC in New York in 1960. Last March 2009, he confessed on being the operator of a massive Ponzi scheme that defrauded thousands of investors of over $63 billion. He pleaded guilty to 11 felonies and was sentenced to 150 years in prison in June 29, 2009.
More at:
http://en.wikipedia.org/wiki/Bernard_Madoff
http://www.reuters.com/article/domesticNews/idUSN1346294620091113
http://gizmodo.com/5404462/two-programmers-arrested-for-roles-in-bernard-madoff-ponzi-scheme
http://www.wired.com/threatlevel/2009/11/madoff-programmers/
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