IT Job Descriptions align=right src="http://it-toolkits.com/images/JobDescriptions.gif" width=92
longDesc="IT Job Descriptions" height=117>IT professionals now have one more
worry on their minds,  they have to be aware of what they design and
program is legal. 


Two computer programmers who worked for Bernard L. Madoff 
were arrested and charged in connection with the multibillion dollar Ponzi
scheme.  They were charged with conspiracy, falsifying
books and records of a broker-dealer, and falsifying books and records of an
investment dealer according to the U.S. Department of Justice (DOJ).


The two were employed as computer programmers at Madoff’s
business  beginning in the ealy 1990′s and were primarily were responsible
for developing and maintaining computer programs that supported the operation of
Madoff’s investment account business.



IT Salary Data align=right src="http://it-toolkits.com/images/Salary_Survey_IT.gif" width=85
longDesc="IT Salary Data" height=110> The
progammers “… allegedly helped construct Bernie Madoff’s house of cards,” the
U.S. attorney said in a statement. “The computer codes and random algorithms
they allegedly designed served to deceive investors and regulators and concealed
Madoff’s crimes. … they have been charged for their roles in Madoff’s epic
fraud.”


As a broker-dealer and investment adviser, BLMIS was required,
under the federal securities laws and regulations, to keep certain books and
records in the ordinary course of its business, including: trade blotters
containing an itemized daily record of details about all of BLMIS’s purchases
and sales of securities; documents reflecting each order underlying the
purchases and sales of securities and the times at which the orders were
received and executed; and the name and address of the beneficial owner of each
account held at BLMIS.


The programmers developed and maintained computer programs that
generated numerous false and fraudulent books and records. They created books
and records for a small subset of BLMIS investment account clients to help hide
the scope and nature of the business; altered details about the number of
shares, execution times, and transaction numbers for trades reported on BLMIS
trade blotters, by employing random algorithms that produced false and random
results;and created false and fraudulent order entry and execution reports that
included fictitious times at which orders for equities transactions purportedly
were placed.


The programmers allegedly knew that the special programs they
developed contained fraudulent information and that they were used in connection
with the SEC and European accounting firm reviews. One of the two attempted to
delete 218 of 225 special programs from a server and also closed their own BLMIS
accounts, withdrawing hundreds of thousands of dollars each.


Handwritten notes found by the FBI in one of the programmer’s
desk stated,  “I won’t lie any longer. Next time, I say ‘ask
Frank.’”

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