Feeds

Feds pinch two Madoff geeks

Due in court today

Intelligent flash storage arrays

The FBI has arrested two programmers in connection with falsifying records at Bernie Madoff's investment firm.

The pair, Jerome O'Hara and George Perez, had worked for the firm since the early 90s. They were arrested at their homes this morning and will be charged with conspiracy, falsifying books and records of a broker-dealer, and falsifying books and records of an investment adviser.

Preet Bharara, US attorney for the Southern District of New York, said: "Jerome O'Hara and George Perez allegedly helped construct Bernie Madoff's house of cards.

"The computer codes and random algorithms they allegedly designed served to deceive investors and regulators and concealed Madoff's crimes. Today they have been charged for their roles in Madoff's epic fraud, and the investigation remains ongoing."

O'Hara and Perez face possible sentences of up to 30 years.

They're accused of producing fraudulent monthly reports and client statements, as well as allowing other employees to alter computer programs in order to create false records and books.

The Feds allege that the scam came to a head in fall 2006 when they told Madoff they could no longer lie for him. He gave them 25 per cent pay rises and bonuses of $60,000.

Bernie Madoff was sentenced to 150 years for his role in masterminding the fraud. US authorities are auctioning much of the Madoffs' jewellery and watches - more here.

The full FBI statement is here. ®

Choosing a cloud hosting partner with confidence

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Choosing a cloud hosting partner with confidence
Download Choosing a Cloud Hosting Provider with Confidence to learn more about cloud computing - the new opportunities and new security challenges.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.