Guilty Plea for Madoff’s Right Hand Man

By Sadie Bass

Aug 11, 2009 5:36pm

Frank DiPascali was the chief financial officer of Bernie Madoff's investment advisory business that swindled an estimated $64.8 billion out of investors.  He was one of two people who ran the 17th floor of Madoff's office where fake monthly account bills were created to assure investors that their money was being well invested. Today, DiPascali pled guilty to ten counts, and will "tell all and name names" under the terms of the guilty plea deal.  He is expected to provide details of the inner workings of Madoff's scheme which will be crucial to investigators trying to disprove Madoff's claim that he "acted alone." DiPascali entered guilty pleas to charges of conspiracy, securities fraud, investment advisor fraud, falsifying books and records of a broker dealer, falsifying books and records of an investment advisor, mail fraud, wire fraud, international money laundering perjury and federal income tax evasion.

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