This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.

US regulators charge ex-Madoff employee who hid ponzi scheme

  • Print
  • Comment

The Securities & Exchange Commission has charged “long-time Bernie Madoff employee” Enrica Cotellessa-Pitz with falsifying books and records.

The SEC claims Cotellessa-Pitz falsified records “in order to hide Madoff’s fraudulent investment advisory operations from regulators”.

Cotellessa-Pitz worked for Bernard L. Madoff Investment Securities for more than 30 years and is alleged to have misclassified “hundreds of millions of dollars” of income.

She is also alleged to have falsified statements filed with the SEC and other regulators and prepared statements to deceive regulators.

George Canellos, director of the SEC’s New York regional office, says: “To keep his massive fraud alive, Madoff had to hide as many facts about his advisory operations as possible.

“Cotellessa-Pitz along with other senior BMIS personnel played a critical role in this effort by creating false documents to deceive federal and state regulators.”

David Bonventre, former BMIS director of operations, was previously charged with “falsifying books and records to hide and obfuscate Madoff’s advisory operations”.

The SEC claim Cotellessa-Pitz played a cental role in falsifying records, as directed by Madoff and Bonventre, which Madoff then used to artificially improve the firm’s reported revenue and income.

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

Money Marketing Awards 2015
Put your firm forward as the leading practitioner in your field. Adviser and Advertising categories are open to entries - Enter Now.

Have your sayEdit my profile/screen name

You must sign in to make a comment

Fund Data

Editor's Pick


How do you plan to vote at the general election?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments