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A. Bongiorno, Ex-Madoff Employee, to Assist Trustee in Locating Stolen Funds in the Madoff Ponzi Scheme

New York, August 28, 2016 – Annette Bongiorno, a former Bernard L. Madoff Investment Securities LLC employee convicted of assisting his former superior, Bernard Madoff, in allegedly operating the Ponzi scheme, will now help in tracking stolen funds to settle litigation related to the collapse of Madoff’s investment firm.

Ms. Bongiorno was convicted in 2014 of securities fraud and other criminal charges and received a six-year prison sentence. Additionally, Ms. Bongiorno and her husband faced litigation demanding the return of millions of dollars they received from their investments with Madoff as well as from her employment managing Madoff’s investment-advisory business. Now, Bongiorno has ostensibly reached a settlement with the trustee to support him in tracing the customer property that was involved in the scheme. The settlement terms allegedly provide that as long as Ms. Bongiorno cooperates with the trustee, Irving Picard, he will dismiss his lawsuit against her to recover more than $22 million paid to her and her husband from their investments with Madoff. The U.S. Bankruptcy Court in Manhattan is expected to review the settlement at a Sept. 28 hearing.


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