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DiPascali Jailed…Former Madoff CFO Pleads Guilty
August 12, 2009 by David Feldman · Leave a Comment
Frank DiPascali, Bernie Madoff’s longtime CFO, pled guilty yesterday to 10 different charges including securities fraud and falsifying records. As to those statements sent to people, according to the Associated Press, he said it was ”all fake. It was all fictitious. It was wrong, and I knew it was wrong at the time.” So much for an insanity defense…
He could face up to 125 years, but the prosecutors clearly want his cooperation. They pleaded with the judge to let DiPascali be out on bail or house arrest while waiting for his sentencing, which may not be until next May. But in a surprise move, the judge ordered him jailed anyway. His lawyer said he was totally unprepared for that.
The FBI says they expect more arrests soon. Apparently many clients said DiPascali, who came from the same area of Queens as Madoff, was their main contact. We’ll see how much he spills…
