NEW YORK, Nov. 17 (UPI) -- Bernard Madoff's claim he launched his Ponzi scheme during the recession of the early 1990s has been contradicted by a long-time employee, U.S. officials say.
Federal prosecutors said David Kugel, a former supervisory trader at Madoff's investment firm, is cooperating with authorities and would to plead guilty in Manhattan federal court on Monday, the New York Post reported.