JoAnn Crupi, the ex-Bernard Madoff aide who maintained the bank account for Madoff's investment business was sentenced to six years imprisonment this week for her participation in Madoff's Ponzi scheme that bilked investors from across the globe out of approximately twenty billion dollars. Crupi is now the fifth and final former Madoff aide to receive a somewhat lenient penalty subsequent to her March conviction on conspiracy, securities fraud, as well as other charges.
Additionally, Crupi was found to be jointly liable for over $39.3 billion in forfeitures, corresponding to her portion of the responsibility for the customer funds, bank loans and other cash fraudulently acquired after January 2002. U.S. District Judge Laura Taylor Swain ruled that Crupi knew or should have known about the scheme by that date.
Judge Swain denied bail for Crupi pending a possible appeal. Swain further ordered Crupi to surrender herself on February 26 and recommended that she serve her sentence at a minimum-security federal camp in Alderson, West Virginia. Prosecutors-who believe they adequately proved that Crupi knowingly and actively falsified records in order to trick auditors, regulators, and investors-requested a much harsher penalty than the fourteen year sentence recommended by federal probation officials.
Swain believes the sentence is fitting, telling Crupi, "Given the crimes with which you have been convicted, the sentence that has been imposed is a justly harsh result." Swain did note that she considered the facts that Crupi was not the mastermind of the scheme and was often lied to by Madoff.