We all remember Bernard Madoff and his infamous Ponzi scheme, or at least we all should. If you don’t, there is really only one thing to say. Crawl out from under the rock from which you’ve been living and pick-up a newspaper every once and while.
Now for those of us who are familiar with Madoff, you might be interested in this next little piece of information. Madoff’s former operations director, Daniel Bonventure, 63, was recently arrested at his Manhattan home, and he is expected to appear in federal court later on today.
Prosecutors involved with the case said Bonventure had full knowledge about the hundreds of million of dollars that was siphoned out of accounts belonging to Madoff’s former clients.
Bonventure is being accused of, among other things, failing to report hundreds of thousands of dollars in income to the IRS.
Madoff, 71, is serving 150-year prison sentence after admitting that he orchestrated 20 year Ponzi scheme that cheated thousands of people, charities, institutional investors, and celebrities out of billions.
No one really knows the full extent of Bonventures’ involvement, but initial speculation leads many to believe that the former Operations Executive could very well be sharing Madoff’s incarcerated fate.
For an in-depth analysis on how Madoff’s Ponzi scheme worked, watch the video below