Created: 10/31/2013 9:56 PM WHEC.com
By: Associated Press
Jurors at the first trial to result from Bernard Madoff's enormous fraud have heard a former Madoff employee explain how the financier lied to investors.
David Kugel told jurors in Manhattan federal court Thursday how he assembled fictitious trades for decades that could be put on statements sent to thousands of investors. Those investors learned in December 2008 that Madoff had been carrying out a gigantic Ponzi scheme for decades. He is serving a 150-year prison sentence.
The 68-year-old Kugel says he once asked Madoff where the money was really being invested and Madoff told him it was put into shopping malls and foreign currency. Kugel says he so trusted Madoff that he let his family invest with him to the end. Kugel was a trading floor manager.