David Kugel, who was hired as a trader by Bernard Madoff in 1970 and pleaded guilty to fraud two years ago, told a jury he helped create fake trades with two ex-colleagues accused of aiding Madoff’s $17 billion Ponzi scheme. Kugel, who joined Madoff’s firm a year after graduating from Pace University in New York, engaged in securities fraud for three decades with two of the trial’s defendants, Annette Bongiorno, who ran the investment advisory unit at the center of the fraud, and Joann Crupi, who managed large accounts, he testified today in federal court in Manhattan. More on Bloomberg here.
