Madoff Used Fake Trading Tickets

A top aide to disgraced money manager Bernard Madoff had employees generate trading tickets, thought to be fake, in order to dupe investors into thinking their returns were legitimate, the Wall Street Journal reported Monday. 

According to Journal reporter Amir Efrati, Annette Bongiorno directed two assistants to research daily stock prices, at times dating back several months, and use the information to produce trading tickets that would reflect the robust returns Madoff had become famous for. 

“This is how it was done – there were all these thousands and thousands of trade confirmations puporting to sort of signify that there were trades that occurred and we know now that, obviously, there weren’t trades at least for 13 years and probably a lot longer than that – maybe decades,” Efrati told CBS News. 

Irving Picard, the court-appointed trustee charged with sorting out the Madoff mess, indicated last month that there was “no evidence to indicate securities were purchased for customer accounts.”

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