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: JURIST - The Paper Chase

Former Madoff financial chief pleads guilty to conspiracy, fraud charges

By Bernard Hibbitts (editor) and University of Pittsburgh School of Law students.

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[JURIST] Former financial chief for Bernard L. Madoff Investment Securities LLC, Frank DiPascali, pleaded guilty Tuesday to 10 criminal counts for his role in the Ponzi scheme that defrauded investors of billions of dollars. DiPascali delivered his plea to Judge Richard Sullivan of the US District Court for the Southern District of New York, admitting he was aware he was participating in a fraudulent scheme. The US Department of Justice (DOJ) elected to file charges last week, charging DiPascali with fraud, conspiracy, perjury, and tax evasion. DiPascali faces 125 years in prison for his crimes, but it is believed that he reached a plea agreement with the DOJ for a reduced sentence. In late June, Madoff was sentenced to 150 years in prison. In March, Madoff's accountant David Friehling was charged with fraud by the Securities and Exchange Commission. Just prior to that, Madoff pleaded guilty to 11 charges of fraud after agreeing to a partial judgment from the SEC for civil charges stemming from his role in defrauding investors.

Full post as published by JURIST - The Paper Chase on August 12, 2009 (boomark / email).