email article 
print
page
Ex-Madoff trader pleads guilty in plea deal in NYC
Former trader pleads guilty to cooking books for Madoff going back to early 1970s
By The Associated Press
NEW YORK (AP) ' A former trader in jailed financier Bernard Madoff's multibillion-dollar Ponzi scheme has pleaded guilty to fraud charges, admitting that he faked financial statements since the early 1970s.
Sixty-six-year-old David Kugel (COO'-goal) pleaded guilty in federal court in Manhattan on Monday. Kugel pleaded guilty to conspiracy, bank fraud and securities fraud. He also admitted that he falsified business records.
Kugel says he produced evidence of fake trades since the early 1970s to make clients of Madoff's investment business think trades had actually occurred. He said he submitted fake financial information to banking institutions from 2002 to 2007 so he and others could borrow money for homes worth millions.
Sentencing is set for May 4. Madoff is serving a 150-year prison term after revealing the fraud in December 2008.
recommend this article
Page: 1Related Sites: CEN - Consumer Electronics Net , CEN - Camcorders , CEN - AV Software , CEN - Desktops , CEN - Audio , CEN - DVD , CEN - Gadgets , CEN - Games , Storage
Related Newsletters: CEN - Gadgets Newsletter , Tutorial Finder , Review Seeker
Adobe eLearning Suite 2.5
