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Madoff programmers indicted

19 March 2010  |  6115 views  |  0 20 pound note

Two computer programmers charged with aiding and abetting Bernard Madoff's massive ponzi scheme have been indicted by a US Grand Jury.

Jerome O'Hara, 47, and George Perez, 44, stand accused of conspiracy, falsifying records of a broker-dealer and falsifying records of an investment adviser.

They are accused of writing programs that generated thousands of pages of fake trade blotters, stock records, Depository Trust Corporation reports and other phantom books and records to substantiate non-existent trading.

It is alleged that the men had a "crisis of conscience" in 2006, but were persuaded to continue with the fraud after being offered a salary increase of nearly 25% along with one-time bonuses in late 2006 of more than $60,000 each.

The two men, where first charged in November, face a maximum sentence of up to 30 years in prison.

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