The Shmooze

The Madoffs — Like Father, Like Sons?

By Meredith Ganzman

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Behind every great man stands a great woman — or so the saying goes. And behind every not-so-great man?

Well, two former employees of convicted Ponzi-schemer Bernard Madoff, Annette Bongiorno and Joann “Jodi” Crupi, were arrested in their homes early Thursday, and charged with conspiracy, securities fraud, falsifying records and tax evasion.

U.S. Attorney Preet Bharara said in a statement, “A house of cards is almost never built by one lone architect.” And as the cards continue to fall, the Madoff family could be the next to topple, writes Allan Dodds Frank of The Daily Beast:

Whether the new indictments will bring prosecutors closer to making a case against Madoff’s two sons, his niece or his brother Peter is an open question. Sources tell The Daily Beast that prosecutors are concentrating on the tax fraud aspects of the family accounts, which even include representations in Madoff family foundation accounts of extensive stock holdings and trading that may not have ever happened.


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