David Kugel, a former employee of Bernie Madoff’s, avoided jail time for his part in Madoff’s ponzi scheme due to a plea bargain. He was sentenced to time served, 10 months home confinement and 200 hours of community service.
Kugel pled guilty to taking part in creating fake trades and tricking clients into thinking that they were actually making money on their investments when they were not.
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The 69 year old who worked for Madoff for 40 years was facing as much as 85 years behind bars. But he received a light sentence because he cooperated with Federal authorities in their investigations by showing them how the frauds worked and testified against other defendants.
At his sentencing Kugel said, “The crimes I committed were totally unnecessary. I should have had the courage to say no.”