The two Madoff employees arrested Thursday have been holding out for nearly two years. Allan Dodds Frank on why prosecutors are a step closer to charging Madoff family members.The indictments against two women who allegedly spent years fabricating documents and fending off nosey investment clients for Bernard Madoff came as no surprise—except perhaps to them—when they were arrested by the FBI at home early Thursday morning.
For nearly two years, the two women—longtime Madoff aides—have spurned what amounted to invitations from federal prosecutors to co-operate in the investigation of the biggest Ponzi scheme ever. Prosecutors say Annette Bongiorno, 62, and Joann “Jodi” Crupi, 49, were instrumental in lying to investors as Madoff collected more than $20 billion and sent out statements saying the accounts totaled nearly $65 billion.
“A house of cards is almost never built by one lone architect,” said U.S. Attorney Preet Bharara in a statement. “Year after year, Annette Bongiorno and Joann Crupi protected and perpetuated the Madoff mirage, while putting very real money in their pockets.”