Madoff’s Financial Chief Pleads Guilty In New York

New York, NY (AHN) – The former financial chief who ran Bernard Madoff’s $65 billion ponzi scheme has plead guilty to ten counts of fraud, conspiracy and other crimes in New York.

Frank DiPascali, former Chief Financial Officer at Bernard L. Madoff Investment Securities LLC, faces up to 125 years in prison, but sources say he has cut a deal with Justice Department prosecutors in exchange for avoiding a lengthy trial.

DiPascali, 52, was charged with several crimes including conspiracy, money laundering, investment adviser fraud, and falsifying books and records. Prosecutors say the scheme lasted for decades, defrauding thousands of investors.

Madoff’s scam became public in December and after he was arrested the former Wall Street tycoon pleaded guilty to 11 counts. Madoff was sentenced in March to the maximum and will serve a virtual life sentence of 125 years in prison.

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