No prison for accounting executive in Madoff fraud case

AP News
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Posted: Jul 09, 2015 4:43 PM
No prison for accounting executive in Madoff fraud case

NEW YORK (AP) — A New York accounting firm executive who worked for some of Bernard Madoff's most important clients has been spared prison time.

Seventy-nine-year-old Paul Konigsberg was sentenced Thursday in federal court in Manhattan. He pleaded guilty last year to conspiracy and falsifying books and records.

The judge did not require any post-sentence supervision of Konigsberg, leaving him free to visit grandchildren in Russia. Konigsberg smiled and hugged family and friends after the ruling came down.

Prosecutors agree he didn't know about Madoff's Ponzi scheme that cost thousands of investors nearly $20 billion. But they say he unwittingly helped by conspiring with Madoff employees to produce fraudulent investor statements.

Prosecutors had recommended leniency.

The 77-year-old Madoff is serving a 150-year prison sentence after revealing the fraud in December 2008.