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Bernie Madoff's long-time go-to guy, Frank DiPascali, isn't trying to beat the system any more. He has decided to plead guilty to criminal charges spanning more than two decades.
DiPascali is the first of Madoff's employees to be charged. Aside from Madoff, the only other person greeted by the criminal justice system has been outside auditor David Friehling, who isn't going as easily as DiPascali (he's pled not guilty).
If all goes as planned, DiPascali will plead guilty in U.S. District Court on Monday at 3 PM. For now, everyone's remaining tight-lipped, and the terms have not yet been revealed.
Any celebration is likely to be short, however. Bloomberg reports that at least 10 people linked with Madoff's firm are being investigated by the FBI and could face criminal charges of their own. So far, the only one doing time is Madoff, who's doing 150 consecutive years.
DiPascali, Madoff, and everyone else involved in the (alleged) fraud may have additional problems in the near future. With prisons around the country planning to charge their inmates, it's going to take a fraudster (and a good one at that) to afford a hitch in the clink.
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Reader Comments (Page 1 of 1)
8-08-2009 @ 6:25PM
tussnelda Glockenspiel said...
reforms in the financil sector are long overdue. There are a lot of holes in the Bernie Madoff story. He is a very clever, competent person, who is also a sociopath. he is in need of help, to get insight into how revolting such a criminal behavior is, and the irreparable damage he and his co-conspirator have done and are still doing.He has no compassion for the suffering poverty brings, and has no integrity. His reputation will follow him and his family, and that is sad.Will there be retaliation from the investors he so mercilessly took???
8-09-2009 @ 5:50AM
al coholic said...
Does anyone really think Madoff did this all on his own without his wife, children and other key players ever knowing it? What a frickin fairy tale!
And by the way, what other criminal's wife would be allowed to get a 2.5 million dollar allowance from stolen money so she doesn't have to suffer poverty?
Equal justice for all? I think not.