Ex-Maddoff exec sentenced to 10 years

Ex-Maddoff exec sentenced to 10 years

NEW YORK

Bernard Madoff’s ex-director of operations for investments was sentenced Monday to 10 years in prison by a judge who cited the fraud’s “smoldering ruins” as she kicked off an eight-day stretch during which she will announce the punishments of four other former Madoff workers.

“You lived a prestigious and luxurious life for decades. We now all know it was supported by a massive fraud,” U.S. District Judge Laura Taylor Swain told 67-year-old Daniel Bonventre after she announced his sentence, including an order to forfeit $155 billion.

“You were not an architect of the Ponzi scheme and are not a person who is evil at heart. You should not spend the rest of your life in prison,” she said as she explained leniency that likely will be encouraging to Madoff’s former secretary, Annette Bongiorno, 66, computer programmers Jerome O’Hara, 51, and George Perez, 48; and account manager JoAnn Crupi, 53.

They face sentencing proceedings through Monday. The four and Bonventre were convicted at trial earlier this year.

Economists forecast fast growth in 2015

WASHINGTON

The U.S. economy, helped by a stronger job market and falling oil prices, should enjoy the fastest economic growth in a decade next year, according to a panel of top business economists.

The National Association for Business Economics said Monday it expects the overall economy, as measured by the gross domestic product, to expand by 3.1 percent next year. That would be the strongest GDP growth since 2005 when the economy grew 3.3 percent.

The 2007-2009 recession was the worst downturn since the 1930s, and the economy has struggled to regain its footing. The U.S. has been stuck with sub-par growth averaging 2.2 percent per year. The NABE forecasters believe growth this year will average an anemic 2.2 percent, matching last year’s performance.

Associated Press