Bernard Madoff's Right Hand Man Pleads Guilty, Will Tell All

DiPascali had the use of a corporate Platinum American Express credit card which he used to charge personal expenses, including plane tickets for his son and fraternity brothers to go to the Bahamas over spring break.

In addition, the captain of DiPascali's yacht was paid through funds from the account used for Madoff's investors, according to investigators.

Prosecutors said Madoff had complete trust in DiPascali to keep the secret of the scam operations. He had been recruited to the firm by Madoff's former secretary, Annette Bongiorno who lived next door to DiPascali in the New York borough of Queens.

DiPascali entered guilty pleas to charges of conspiracy, securities fraud, investment advisor fraud, falsifying books, mail fraud, wire fraud, perjury, international money laundering and income tax evasion.

He said he followed Madoff "too loyally since 1975."

Anna Schecter and Asa Eslocker contributed to this report.

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