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State Board Report

June 2015

David G. Friehling, the outside auditor for Bernard L. Madoff Investment Securities LLC, the Ponzi scheme that came to light in 2008, was sentenced in May by Judge Laura Taylor Swain, in the Federal District Court in New York, to two years of supervised release, including one year in home detention plus community service. He is also to pay a share of the symbolic $130 billion joint forfeiture with other former Madoff employees. Mr. Friehling had pled guilty in 2009 to one count of securities fraud and three federal tax violations, and had cooperated in the prosecution of five Madoff employees. He told Judge Swain, "I did not question what I should have questioned."

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