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Two former computer programmers have been indicted in the Madoff case now along with a string of others linked to a massive Ponzi scheme.
According to Wall Street Journal, Jerome O'Hara, 47, and George Perez, 43, were indicted by a grand jury and charged on three counts each:
According to each of the defendants attorneys they plan to plead not guilty. If convicted, they each face a maximum sentence of 30 years in prison.
O'Hara and Perez developed computer programs that helped facilitate the Ponzi scheme and conceal it from regulators, according to the indictment. In addition, they are facing separate civil charges by the SEC in the matter.
The men were originally charged in a criminal complaint before the case was presented to a federal grand jury, which returned the indictment.
O'Hara and Perez started working for Bernard L. Madoff Investment Securities, LLC (BLMIS) in the early 1990s.
As previously discussed, Madoff, 71, was sentenced in June to 150 years in prison for -- the maximum penalty the judge could give him for orchestrating a massive scheme that spanned decades.
In 2009, Madoff was convicted after pleading guilty to 11 federal offenses including wire fraud, perjury and securities laws. Billions were bilked from investors to fuel Madoff's life of luxury.
The indictment says that DiPascali Jr. relied on computer programs to both conceal and carry out the fraudulent scheme.
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