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Madoff’s Right-Hand Man Pleads Guilty

August 11, 2009

Frank DiPascali is the latest figure in the Bernard Madoff world to face the judge.

DiPascali, 52, pled guilty to 10 criminal charges, including a plethora of fraud charges — mail, wire, investment advisor, etc. — not to mention international money laundering and perjury. As CFO, DiPascali was a key employee at the Madoff offices and admitted to helping his boss and others at the firm participate in a Ponzi scheme that “hurt thousands of people.”

DiPascali also confessed that he had known since the late 1980s that the transactions on Madoff’s trading statements were so much baloney. “It was all fake,” he said, according to The Wall Street Journal. “It was all fictitious. It was wrong and I knew it at the time.”

Unfortunately Madoff’s auditor, David Friehling, was willing to look the other way. He pleaded not guilty last month, but also waived his right to a grand jury, so a guilty plea may be on the way from him next time he’s in court.

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