Mr. Bonventre, who ran Mr. Madoff's broker-dealer for almost 40 years, received half the minimum time prosecutors sought in the case.
Bernard Madoff's inner circle, who benefited from the perks of his $17.5 billion Ponzi scheme, now face jail time.
No License, No Privilege
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Cited for due-diligence failure and not mentioning millions in fees received.
Victims of the most infamous Ponzi scheme lost $17.5 billion but this week, recoveries reached $10 billion. The cost of liquidating the con man's defunct investment advisory firm has topped $1 billion but his former clients aren't footing the bill.
Despite its regulatory failure in the Madoff case, FINRA may be rewarded with more oversight.