Long-time Madoff employee charged with fraud

House of cards

The US Securities and Exchange Commission (SEC) has charged Madoff employee David Kugel, who worked at Bernard L. Madoff Investment Securities (BMIS) for nearly 40 years, with fraud for his role in the $65 billion Ponzi scheme.

In the November 21 complaint, the SEC alleges that "from the early 1970s to 2008, Kugel knowingly participated in the creation of false account statements supplied to BMIS's clients", "helped create fictional trades" and "aided and abetted the fraud that Madoff

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