Ex-Madoff Aide Gets 6 Year Term For Aiding Ponzi Scheme

Joann Crupi, who managed investment advisory accounts for Ponzi scheme mastermind Bernard Madoff, got a six-year term for aiding his $17.5 billion fraud, the last of five sentences stemming from the only criminal trial over the massive swindle. Crupi’s punishment, like those of her co-defendants, was less than what U.S. probation officials recommended, 14 years, and the even longer term the government had sought. U.S. District Judge Laura Taylor Swain in Manhattan, who presided over the case, has cited the fundamental responsibility of Madoff, rather than his aides, as a key reason for leniency, saying he manipulated loyal employees like Crupi, who lacked any financial training. Swain said Crupi, 53, appeared to be “an intelligent person who is capable of questioning established practices,” yet did not do so while working for Madoff. She started working at the firm as a keypunch, entering what was probably fraudulent trading information provided by her superiors, rose through the ranks and “was compliant in everything and questioned little,” the judge said. More on Bloomberg here.