Ex-Madoff CFO pleads guilty in fraud, says others were involved

NEW YORK -- The top financial aide to Ponzi scheme architect Bernard Madoff pleaded guilty Tuesday to 10 charges including conspiracy, securities fraud, falsifying records and international money laundering.

Frank DiPascali, former chief financial officer for Madoff's business, said the transactions were "all fake. It was all fictitious. It was wrong, and I knew it was wrong at the time."

"I'm standing here today to tell you that from the early 1990s to 2008 I helped Bernie Madoff and other people carry out a fraud," said DiPascali, 52, standing in Manhattan federal court in a dark suit and reading from a prepared statement.

READ: Criminal information against DiPascali | The charges against DiPascali

He did not identify the other people, only Madoff.

Each of the charges calls for five to 20 years in prison, and fines as high as $5 million, but a cooperation deal he signed will probably bring leniency.

Mariam Siegman, who described herself as a 65-year-old Madoff victim, was the only victim to take up Judge Richard Sullivan's invitation to speak at the hearing.

She said she opposed acceptance of the plea because it prevents a trial and "the kind of justice that allows truth to be spoken out loud in a courtroom."

FROM THE SEC: Complaint | Press release

The judge said he did not believe "the quest for truth ends today" and he expected to learn much more before a sentencing not scheduled to take place before May 2010.

"There will be more information and the court will sentence on the basis of additional information," Sullivan said.