Please ensure Javascript is enabled for purposes of website accessibility

Madoff Accountant’s 5-Year-Old Kid Was Not a Very Good Investor, Therefore He Invested in Madoff

Bernie Madoff's "outside auditor" (popularly known as his "accountant") David Friehling already pleaded guilty to fraud in 2009, at which time he told judge U.S. District Judge Alvin Hellerstein "I am truly sorry for the suffering of all the victims."

It turns out among the victims is Friehling's own son, who was five years old at the time he first handed over his birthday cash:

Testifying in the fraud trial of five former Madoff Securities office workers, Friehling said that even Josh trusted the Wizard of Wall Street to double his money.

"Dad, here's a check for my Madoff account," the tyke, now 28, announced after his fifth birthday party, Friehling told a Manhattan federal court jury.

The elder Friehling was 21 himself when he first "invested" over $15,000 in cash gifts from his bar mitzvah, birthdays and the money he'd made working for his parents' hotel with Madoff.

Friehling faces up to 114 years in prison, and is spilling his guts to the court with five other Madoff peeps on trial in the hopes they'll go gentle on him when he's sentenced.



Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

Your Naughty IRS Employee of the Day

Deena Vang Lee of Fresno, CA, was indicted in April 2019 and charged with wire fraud, aggravated identity theft, aiding and assisting in the preparation and presentation of false and fraudulent tax returns, and making and subscribing false and fraudulent tax returns. She was accused of preparing family and friends’ returns for a fee that […]

image representing tax law

Fourteen People Who Inspired Future Tax Criminals in 2022

The IRS Criminal Investigation unit has released its top cases for 2022 and in it we get reality TV personalities, a rogue tax preparer, some garden variety PPP fraud, and even a former decathlete with his own Wikipedia page. Pretty sure some of these people showed up in Accountants Behaving Badly, an irregular feature we […]