Another Co-conspirator in the Madoff Scheme

Today Enrica Cotellessa-Pitz, Bernie Madoff’s former controller, pleaded guilty to conspiracy, falsifying books and records, and making false filings with the Securities and Exchange Commission. She could spend up to 50 years in prison.

Cotellessa-Pitz said she started working at Bernard L. Madoff Investment Securities LLC in 1978 while she was studying economics in college. She was named controller in late 1998. She said Madoff and others within months were directing her to put false entries in the company’s books to make it appear profitable trades were being made and that losses were not incurred.

~ LARRY NEUMEISTER, The Associated Press

She also helped Madoff’s organization reduce its tax liabilities by underreporting income to the IRS. Madoff’s own 2004 tax return was audited when he underreported by millions of dollars. And then when faced with audits, Cotellessa-Pitz perpetuated the fraud by providing false information to the SEC and the IRS.