Former Madoff Lieutenant Sees Nothing Wrong With Backdating Trades

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Mark Melin
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Updated on

Former Bernie Madoff secretary Annette Bongiorno, a key participant in the largest fraud scheme in US history, appears as a short, dawdling woman of almost 200 pounds.  But the 40 year employee, who “unwillingly” rose through the ranks of Madoff’s investment advisory firm, had one key benefit to Madoff: she was loyal and didn’t ask a lot of questions. “I loved Bernie” “I loved Bernie,” Bongiorno said in court testimony yesterday. “He was like my big brother. I had a lot of respect for him.” On a daily basis, Bongiorno played a key role in concealing Madoff’s fraud.  She used…

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Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.