Word: dipascali
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...ended up being loyal to a terrible, terrible fault.' FRANK DIPASCALI, who pleaded guilty on Aug. 11 to 10 charges including fraud and money-laundering while serving as one of Bernie Madoff's top executives. DiPascali, who could be sentenced to as many as 125 years in prison, told a federal judge that he and others knew about Madoff's investment scam as far back as the early 1990s and aided it by helping falsify trading records...
...lied to the SEC under oath at Madoff's direction," said DiPascali. He then apologized: "I know my apology means nothing, but I hope my actions moving forward mean something and bring some measure of comfort to those I hurt...
...DiPascali, 52, has long been rumored to be cooperating with prosecutors in the case and was expected to implicate others. His testimony could swing open the prosecutorial floodgates, leading to many charges against others in the Madoff camp. (See pictures of the Madoff's family album...
Bernfeld notes that DiPascali appeared in response to a criminal-information hearing rather than to a grand-jury indictment. This usually means the person has taken a plea and is cooperating with prosecutors to get leniency in sentencing, he says. "Is he going to take down the remaining house of cards? I can't say that, but I would think he could be a significant player in the mosaic," says Bernfeld...
...However, DiPascali is viewed as a major linchpin in the case, having worked alongside Madoff for 33 years, where he supervised the taking and tracking of client orders. He described himself as director of options-trading, even though no actual trading took place during the Ponzi scheme. Some experts speculate that DiPascali is cooperating in exchange for leniency...