A former trader in jailed financier Bernard Madoff's multibillion-dollar Ponzi scheme has pleaded guilty to fraud charges, admitting that he faked financial statements since the early 1970s. Sixty-six-year-old David Kugel (COO'-goal) pleaded guilty in federal court in Manhattan on Monday. Kugel pleaded guilty to conspiracy, bank fraud and securities fraud. He also admitted that he falsified business records.
Kugel says he produced evidence of fake trades since the early 1970s to make clients of Madoff's investment business think trades had actually occurred. He said he submitted fake financial information to banking institutions from 2002 to 2007 so he and others could borrow money for homes worth millions. Sentencing is set for May 4. Madoff is serving a 150-year prison term after revealing the fraud in December 2008.
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