Word: madoff
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Frank DiPascali, the former financial chief for disgraced billionaire financier Bernie Madoff, told a federal court judge on Tuesday that he and others knew as far back as the early 1990s that no sales were taking place in Madoff's investment scam. He made the comments while pleading guilty to criminal charges as part of a government cooperation agreement for his role in Madoff's $65 billion Ponzi scheme...
...knew and other people knew no sales were taking place," said DiPascali during the hearing. "I represented trades were taking place when they were not. Most of the time, money just went into bank accounts" that Madoff controlled, he said. He admitted he helped perpetuate the illusion that sales had taken place. (See the top 10 crooked CEOs...
...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...
...charges included conspiracy, securities fraud, investment-adviser fraud, falsification of books, mail fraud, wire fraud, international money-laundering, perjury and federal income tax invasion. Prosecutors are looking for $170 billion in forfeiture from Madoff's former right-hand...
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...