Stuart Slotnick Quoted in Bloomberg on Ex-Maddoff Executive Testimony

One of the five former aides to Bernard Madoff, Daniel Bonventre, testified in court Wednesday, February 19, in regard to Madoff’s $17 billion Ponzi scheme, reported Bloomberg. While giving his testimony, Bonventre stated that he did not know the meaning of “COO” and denied using the corporate title in 2006 when he was seeking a $300 million loan from Bank of New York Mellon.

“It seems like a very impressive title,” Bonventre told Assistant U.S. Attorney Randall Jackson when he asked if he had ever heard the term COO.

Buchanan Ingersoll & Rooney Shareholder Stuart Slotnick told Bloomberg that Bonventre’s answers could either help or hurt him, depending on how the jurors interpret his behavior.

“It shows either that he is extremely incompetent and not smart, and thus he could be one that was fooled by Madoff, or it shows that he is intentionally resisting answering questions on cross which the jury may resent,” said Slotnick.

The trial testimony is expected to end in February and will be followed by jury deliberations. 

Read the full article – “Ex-Madoff Executive Can't Define COO Title in Testimony” (Bloomberg, February 19, 2014)