Bernie Madoff's Longtime Secretary Only Spent 6 Years In Prison
"Hearst Magazines and Yahoo may earn commission or revenue on some items through the links below."
The new Netflix docuseries, Madoff: The Monster of Wall Street, finally dropped this week, and it's leaving people with a lot of questions about the bombshell 2008 financial Bernie Madoff scandal. The doc explores the rise and dramatic fall of Bernard "Bernie" Madoff, a disgraced Wall Street financier who was the mastermind behind one of the biggest Ponzi schemes in modern history.
Madoff stole an eye-watering $65 billion from thousands of clients through his investment company before he was caught and arrested in 2008, per History. Many of his victims testified at his trial that they lost their life savings as a result of Madoff's financial crimes.
The series also dives into Madoff’s personal and professional life, introducing viewers to the essential staff members who supported his work and some of whom helped facilitate his crimes. One of those employees was his longtime secretary and eventual portfolio manager, Annette Bongiorno, who would later be convicted for her role in the Ponzi scheme. But who is Annette Bongiorno and where is she now? Here’s what you need to know.
Who is Annette Bongiorno?
Bongiorno is originally from Queens, New York. She joined Bernie Madoff’s investment securities company when she was just 19, according to The Guardian, and continued to serve as his assistant and, eventually, as his portfolio manager for decades, per USA Today.
Bongiorno was one of five employees convicted in 2014 for their roles in the Ponzi scheme.
What was her relationship like with Bernie Madoff?
The docuseries describes Bongiorno as being incredibly loyal to Madoff, who rewarded her by paying her a large salary and even shelling out for her honeymoon airfare when she got married.
Bongiorno’s defense team also alleged that she blindly followed her boss’ orders to be a good employee.
She helped recruit Frank DiPascali Jr. to the company as a teen.
Frank DiPascali Jr., who has been dubbed Madoff’s “right-hand man,” was recruited by Bongiorno when he was a teenager to join the team, according to The New York Times. (He grew up next to Bongiorno in Queens.)
DiPascali eventually pled guilty to 10 felony counts, including conspiracy, securities fraud, and tax evasion in 2009, according to Forbes. He died of stage 4 lung cancer, four months before his sentencing, according to Forbes.
Was Annette Bongiorno involved in the Ponzi scheme?
Bongiorno says she was involved but didn’t realize what she was doing. During her trial, she went on to say that she didn’t understand terms like “Ponzi scheme,” “treasury bond,” the Standard & Poor’s 500 index, or important financial events like the collapse of Lehman Brothers, according to the Daily Mail.
Bongiorno also said that, while she entered thousands of backdated trades in the accounts of Madoff’s clients, she had “no clue” that she was doing anything illegal. “All the trades were backdated... I did what I was told,” she said on trial, per the Daily Mail.
What was Bongiorno's sentence?
In 2016, she was finally sentenced to spend six years in jail, per USA Today. In 2019, at age 70, her request to be moved to home confinement was rejected, according to Reuters.
What is Annette Bongiorno's net worth?
This remains unclear. However, USA Today reported that she became a multimillionaire through her boss’ schemes.
Where is Annette Bongiorno now?
It’s not entirely clear, but Bongiorno was released from a Florida jail in March of 2020, according to The Cinemaholic, and she seems to be leading a quiet life out of the spotlight.
Catch Madoff: The Monster of Wall Street streaming on Netflix now.
You Might Also Like
