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SEC: Madoff Accountant "Pretended" To Audit Him

Wednesday, March 18, 2009

(Mario Tama/Getty Images)

(Mario Tama/Getty Images)

The fallout from Bernard Madoff's massive Ponzi scheme widened today, with the arrest of his longtime accountant on fraud charges. David Friehling is accused of helping the disgraced money manager cheat thousands of investors out of billions of dollars over the last 20 years. He's been released on $2.5 million bail, after a brief hearing in federal court in Lower Manhattan. Friehling is the first person to be arrested since the Madoff scandal broke three months ago. Prosecutors say he essentially rubber stamped Madoff's books during his time as Madoff's auditor from 1991 through 2008.

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