Madoff firm's CFO pleads guilty in huge fraud

[steven johnson]

Looks like the wheels of justice are turning slowly.

NEW YORK (Reuters) - Bernard Madoff's long-time deputy, Frank DiPascali, Tuesday pleaded guilty to crimes including helping others carry out Wall Street's biggest investment fraud.

DiPascali pleaded guilty to 10 charges by U.S. prosecutors including conspiracy, securities fraud, money laundering and perjury. He faces a maximum possible sentence of 20 years on some of the charges and up to $500,000 in fines.

DiPascali also said that he recorded securities trades that were "fictitious" and that in January 2006, "under Bernie Madoff's direction, I lied to the SEC about the activities of the firm."

DiPascali worked for 33 years in the investment advisory arm of Bernard L. Madoff Investment Securities LLC in New York, many of them as chief financial officer, before the 2008 economic decline exposed a fraud of as much as $65 billion.



Madoff firm's CFO pleads guilty in huge fraud

[anonymous171]

1. I hope he gets put away for a very very long time. nt

[DCKit]

2. "Who else has been implicated?" is my question.

To be followed up with "Who were the beneficiaries of this fraud?"