Federal prosecutors are preparing to file 10 criminal charges against Frank DiPascali, concerning his role with Bernard Madoff’s $65 billion Ponzi scheme, reports the Financial Times. The counts range from conspiracy and securities fraud to perjury, tax evasion, and falsifying records. The counts carry a total 135 years in prison. U.S. District Judge Richard J. Sullivan is the judge in the case. Under U.S. law, DiPascali could receive a substantially reduced sentence for cooperating with officials. Bernard Madoff, DiPascali, and David Friehling, Madoff’s accountant, are the only people to face criminal charges in connection with the Ponzi scheme. Madoff is currently serving a 150-year sentence. Friehling has pleaded not guilty and has not been accused of knowing about the fraud. DiPascali worked with Madoff for roughly three decades.
Madoff Aide DiPascali Faces 10 Criminal Charges
Frank DiPascali faces 10 criminal charges and a 125 years in prison in connection with his involvement with criminal Bernard Madoff’s $65 billion Ponzi scheme.
August 11, 2009