Former Madoff executive arrested

Bonventre, formerly Madoff's operations director, was arrested on eight counts based on suspicions that he helped Madoff conceal what is considered the largest Ponzi scheme in history. Madfoff, who pleaded guilty to 11 counts of fraud in March, is serving a 150-year prison sentence.

Securities and Exchange Director George Canellos said, "a fraud of this magnitude requires a coordinated effort. Bonventre played an essential part by creating bogus financial records."

The charges allege Bonventre used funds belonging to a client to secure a $145 million loan, The Daily News reported.

If convicted on each of the eight counts against him, Bonventre could be ordered to serve 77 years in prison, the News said.

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