Wednesday, August 12, 2009

Another piece in the Madoff jigsaw falls into place

Frank DiPascali admitted yesterday in court that he was in on the Madoff scam from the start and helped Bernie Madoff defraud his clients. He described how as a kid fresh out of high school he landed a job with Madoff's firm and promptly began aiding and abetting in the Ponzi scheme which swindled thousands of customers out of their life savings.

From the article
, “I knew it was criminal, and I did it anyway,” Mr. DiPascali told Judge Richard J. Sullivan, of Federal District Court, just before pleading guilty to 10 felony counts, including conspiracy and tax evasion.

Mr. DiPascali is facing 125 years in prison and had his 2.5 million dollar bail revoked by the judge.

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