Madoff Programmers Indicted
Two computer programmers were indicted by the Federal Grand Jury on charges in fraud and conspiracy. Jerome O’Hara and George Perez knowingly created the software programs used by Bernard Madoff to “cook the books” in the billion dollar bonzi scheme.
The indictment claims O’Hara and Perez knew their programs were being used to falsify information being provided to the United States Security and Exchange commission. Each were charged with one count conspiracy and falsifying records of a broker and dealer.
Their program removed or changed data present in reports delivered to U.S. and Europe. The code used an algorithm to generate random times for purported orders that were never actually made. “The books and records generated by the House 17 programs for [Madoff's] business were entirely false and fraudulent because, among other things, they purported to reflect securities transactions that, in fact, had never been executed,” prosecutors allege in the indictment.
Reports were generated on an IBM server located in Madoff’s offices. To guarantee that the reports looked authentic , the server pulled data from other sources. Madoff is currently serving a 150 year prison sentence.
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