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New York - Jurors in the first criminal trial stemming from Bernard Madoff's epic fraud will start weighing the charges against five of the fallen financier's ex-employees after summations wrapped up Friday.
With a judge embarking on lengthy legal instructions, deliberations looked likely to begin Monday in a case that asks jurors to determine whether the former workers were Madoff's conspirators or his dupes.
For jurors and observers alike, the five-month trial has provided a window on what the government has learned about Madoff's massive Ponzi scheme since it collapsed in 2008.
Madoff has said he acted alone in cheating thousands of investors out of nearly $20 billion in a decades-long Ponzi scheme. But federal prosecutors say five back-office subordinates gave him vital help in weaving his financial fiction.
"Each of these defendants played a crucial role in the fraud," Assistant U.S. Attorney John Zach told jurors during closing arguments, which spanned more than a week. He said the five told thousands of lies to customers, financial institutions, regulators and the Internal Revenue Service.
But the defendants say they, like Madoff's investors, were fooled by masters at deceit.
Madoff and his former finance chief, star prosecution witness Frank DiPascali, made it their business "to keep the fraud as contained and cabined as humanly possible because it if gets out, we are done - we are spending 150 years in jail, as Mr. Madoff is now," defense lawyer Larry Krantz said. He represents former Madoff computer programmer George Perez.
Besides Perez, the defendants include another computer programmer, Jerome O'Hara; Annette Bongiorno, Madoff's longtime secretary; Daniel Bonventre, his director of operations for investments and JoAnn Crupi.
Prosecutors say Bonventre oversaw the account had held investors' money, cloaked it from auditors and regulators and tapped it to help plump up the brokerage side of Madoff's business. Bonventre testified that he directed the legitimate brokerage arm of Madoff's business, didn't know what was going on in the investment business and trusted Madoff, his boss of 40 years.
Bongiorno - Madoff's secretary for 40 years - was responsible for billions of dollars in fake trades and oversaw a massive rewriting of customer accounts while making more than $18 million herself, according to prosecutors.