BusinessBusiness RecoveryMadoff’s lieutenant pleads guilty to fraud charges

Madoff's lieutenant pleads guilty to fraud charges

“It was all fake. It was all fictitious.” Madoff's financial officer confesses

The right hand man of convicted fraudster Bernard Madoff, has pledged himself
to explaining how he managed to swindle investors out of $65bn.

In an emotional court room confession, financial officer Frank DiPascali,
pleaded guilty to ten criminal charges brought by the US Securities and
Exchanges Commission.

He offered an apology to “every victim of this catastrophe” and promised “to
dedicate myself to explaining what happened”, the Financial Times reported.

DiPascali’s charges ranged from conspiracy and securities fraud to perjury,
tax evasion and falsifying records, which in total carry 125 years in jail, the
Financial Times reports.

The newspaper described how DiPascali blinked back tears as he was lead away
by US marshalls.

It’s thought DiPascali’s co-operation could prove a turning point in the
Madoff investigation.

Read the full story:
DiPascali:
Madoff business ‘all fake’

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