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May 27, 2015 12:35 PM

Ex-Madoff Trader sentenced to 10 months home confinement

The Associated Press

NEW YORK (AP) A longtime trader for Bernard Madoff's firm has been sentenced to 10 months of home confinement after he was credited for cooperating with prosecutors.

David Kugel apologized at his Manhattan sentencing on Wednesday for his involvement in a scheme that cost thousands of investors about $20 billion.

Kugel says he was shocked in December 2008 to learn that his boss had been running a Ponzi scheme. But he admitted he helped to create fake, backdated trades for Madoff's private investment business.

At age 69, Kugel says his priorities in life have changed and he now gets joy from tutoring students in mathematics.

Prosecutor Randall Jackson says Kugel was one of the most forthcoming cooperators and his wrongdoing was minimal.

Madoff is serving a 150-year prison sentence.


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