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Inside November 2009, David G. Friehling, Madoff’s bookkeeping front side man and auditor, pleaded bad so you can securities fraud, funding adviser ripoff, and make untrue filings for the SEC, and you will obstructing the internal Money Provider. For the March a dozen, 2009, Madoff pleaded guilty so you can eleven government felonies, along with securities scam, cord fraud, mail con, currency laundering, and make not true statements, perjury, theft out of a worker work with plan, and you may making untrue filings to your SEC. Erin Arvedlund, just who in public expected Madoff’s advertised investment efficiency inside the 2001, stated that the true quantity of the fresh fraud you will not be recognized, however, is actually likely between $several and you will $20 billion. You to difference between the brand new quotes results from different methods from formula. Previous SEC Chairman Harvey Pitt estimated the real internet ripoff to help you getting anywhere between $ten and you can $17 billion.

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