• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Gen Z fled San Francisco for Texas and Florida. Now they’re turning ‘welcomer cities’ into the next big tech towns

2

Anthropic disables Fable and Mythos AI models after U.S. government bars it from giving foreigners access

3

Melinda French Gates' advice to new IPO millionaires: 'Give half your money away'

1

Gen Z fled San Francisco for Texas and Florida. Now they’re turning ‘welcomer cities’ into the next big tech towns

2

Anthropic disables Fable and Mythos AI models after U.S. government bars it from giving foreigners access

3

Melinda French Gates' advice to new IPO millionaires: 'Give half your money away'
FinanceBernie Madoff

First of 5 ex-Madoff aides sentenced this week gets 10-year prison term

By
Tom Huddleston Jr.
Tom Huddleston Jr.
Down Arrow Button Icon
By
Tom Huddleston Jr.
Tom Huddleston Jr.
Down Arrow Button Icon
December 8, 2014, 1:04 PM ET
Five Former Madoff Employees Found Guilty
NEW YORK, NY - MARCH 24: Daniel Bonventre, age 67, who served as Director of Operations for Madoff Investment Securities, leaves federal court after being found guilty of charges of aiding, assisting and profiting from the Ponzi scheme run by Bernard Madoff on March 24, 2014 in New York City. Bonventre was found guilty alongside four other defendents, who all worked for Madoff. (Photo by Andrew Burton/Getty Images)Photograph by Andrew Burton — Getty Images

Six years after Bernard Madoff’s arrest, the disgraced hedge fund manager’s former operations director is also headed to prison.

Five former aides convicted of assisting Madoff in his massive Ponzi scheme are due to be sentenced this week, and the first to learn his fate is former Madoff back office director Daniel Bonventre, who received a 10-year prison term Monday morning in a New York federal court, according to Reuters.

Prosecutors had been seeking prison terms of up to 20 years for Bonventre and former Madoff portfolio manager Annette Bongiorno, who will be sentenced later this week. Also slated to be sentenced is portfolio manager Joann Crupi and computer programmers Jerome O’Hara and George Perez. All five were convicted on multiple counts of conspiracy and fraud in March for their roles falsifying documents and backdating stock trades as part of the multi-billion dollar fraud discovered in 2008.

The Ponzi scheme landed Madoff himself a 150-year prison sentence after he pleaded guilty in 2009.

Daniel Bonventre, left, Annette Bongiorno, JoAnn Crupi, Jerome O'Hara and George Perez.
Daniel Bonventre, left, Annette Bongiorno, JoAnn Crupi, Jerome O’Hara and George Perez.Photograph by AP/Getty Images

The U.S. government is seeking sentences of at least 14 years for Crupi and more than eight years each for O’Hara and Perez.

A New York federal judge also ruled on Monday that the group of defendants must forfeit more than $155 billion as the government continues to seek recompense for the losses of Madoff’s victims. Investors lost more than $17 billion principal through the massive fraud, which has led to the conviction of 15 people.

Defense attorneys for the five former Madoff employees have asked the court for leniency, arguing that Madoff had deceived the defendants by leading them to believe that his investment business was legitimate.

Madoff’s son, Andrew, died in September after battling cancer and left more than $15 million in properties to his family. Madoff’s other son, Mark, committed suicide in 2010. Neither son was ever charged in connection with the Ponzi scheme.

Click here to see Fortune’s list of 10 infamous financial criminals.

—Reuters contributed to this report.

(UPDATE: This article has been updated to include sentencing information for Bonventre.)

About the Author
By Tom Huddleston Jr.
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

U.S.’s screwworm fix is still a year away, risking more spread
North AmericaAgriculture
U.S.’s screwworm fix is still a year away, risking more spread
By Ilena Peng and BloombergJune 13, 2026
5 hours ago
The hottest debate on Wall Street right now: Does the flood of mega-IPOs and new shares signal a downturn ahead? That depends
InvestingIPOs
The hottest debate on Wall Street right now: Does the flood of mega-IPOs and new shares signal a downturn ahead? That depends
By Jason MaJune 13, 2026
6 hours ago
You can ignore AI giants like SpaceX, but your 401(k) won’t
Investingindex funds
You can ignore AI giants like SpaceX, but your 401(k) won’t
By Stan Choe and The Associated PressJune 13, 2026
7 hours ago
Trump says he’ll sign deal with Iran to reopen Hormuz Sunday
PoliticsIran
Trump says he’ll sign deal with Iran to reopen Hormuz Sunday
By Arsalan Shahla, Maria Paula Mijares Torres and BloombergJune 13, 2026
11 hours ago
A deal to the end the U.S.-Iran war could be finalized within 24 hours. Tehran wants to charge ships crossing Hormuz ‘for services rendered’
Middle EastIran
A deal to the end the U.S.-Iran war could be finalized within 24 hours. Tehran wants to charge ships crossing Hormuz ‘for services rendered’
By The Associated PressJune 13, 2026
15 hours ago
ravi
CommentaryWeather and forecasting
I spent 8 years flood-proofing a city. Capital markets are running out of time to take El Niño seriously
By Ravi S. BhallaJune 13, 2026
17 hours ago

Most Popular

Gen Z fled San Francisco for Texas and Florida. Now they’re turning ‘welcomer cities’ into the next big tech towns
Real Estate
Gen Z fled San Francisco for Texas and Florida. Now they’re turning ‘welcomer cities’ into the next big tech towns
By Sydney LakeJune 13, 2026
19 hours ago
Anthropic disables Fable and Mythos AI models after U.S. government bars it from giving foreigners access
AI
Anthropic disables Fable and Mythos AI models after U.S. government bars it from giving foreigners access
By Jeremy KahnJune 13, 2026
1 day ago
Melinda French Gates' advice to new IPO millionaires: 'Give half your money away'
Startups & Venture
Melinda French Gates' advice to new IPO millionaires: 'Give half your money away'
By Emma HinchliffeJune 13, 2026
19 hours ago
SpaceX CFO Bret Johnsen quietly engineered its historic IPO and became an overnight billionaire
C-Suite
SpaceX CFO Bret Johnsen quietly engineered its historic IPO and became an overnight billionaire
By Sasha RogelbergJune 13, 2026
21 hours ago
U.S. energy secretary says 7 million barrels of oil exiting Persian Gulf daily, but Chevron CEO rebuts the claim
Energy
U.S. energy secretary says 7 million barrels of oil exiting Persian Gulf daily, but Chevron CEO rebuts the claim
By Jordan BlumJune 12, 2026
1 day ago
Corporate America has been draining the world's water. Matt Damon's new campaign calls on Gap, Starbucks, and Amazon to help give it back
Environment
Corporate America has been draining the world's water. Matt Damon's new campaign calls on Gap, Starbucks, and Amazon to help give it back
By Catherina GioinoJune 9, 2026
5 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.