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Bernard Madoff’s accountant, David Friehling, was charged with fraud by the US Government this week.  It is only the second arrest to be made since the giant fraud was uncovered in December.

Mr Friehling signed off Madoff’s accounts between 1991 and 2008.  According to the prosecutors, he failed to properly audit the business and even check it held the assets it claimed to have.

If found guilty the accountant could face up to 150 years in prison.  He is being charged with securities fraud, aiding and abetting investment adviser fraud and four counts of filing false audit reports with the SEC.

Madoff himself pleaded guilty last week to carrying the world’s biggest financial fraud having robbed customers of $65 billion since at least the early 1990s. He is being held in a New York Prison and is to be sentenced in June this year.