The Securities and Exchange Commission charged Eric Lipkin, a longtime employee at Bernard L. Madoff Investment Securities, with helping Madoff and his firm deceive and defraud investors and regulators. Lipkin is neither admitting nor denying the charges, and is looking to cut a deal with authorities.
Bernard Madoff pleaded guilty in March 2009 for building a fictitious investment empire where money coming in was used to directly pay previous investors, without really investing the funds as promised. The massive Ponzi scheme's alleged contributors all sat together at Madoff's New York offices. Fabricated gains are claimed to be north of $65 billion.
The SEC alleges that Lipkin "helped create the detailed and entirely phony trading and business records that contributed to the success of Madoff’s fraud," according to George Canellos, director of the SEC's New York regional office. "The SEC is committed to holding accountable those who helped to perpetrate and conceal Madoff’s scheme."
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