Bernie Madoff cried as he revealed fraud, jury told

Madoff pleaded guilty to 11 charges of fraud and is serving a 150-year prison sentence.

Click to follow
The Independent Online

Bernie Madoff's right hand-man has revealed that the disgraced financier broke down in tears as he confessed the scope of his ponzi scheme.

Frank DiPascali, the star witness at the trial of five former Madoff employees, told a New York jury that a somewhat delirious and incoherent Madoff called him into his Manhattan office days before being arrested and cried about having "no money left".

"He turned to me and said, crying: 'I'm at the end of my rope,'" DiPascali told court on the eve of the five-year anniversary of Madoff’s arrest. "'I don't have any more goddamn money. The whole goddamn thing is a fraud.'"

DiPascali, who pleaded guilty to conspiracy and fraud, said Madoff was particularly worried about being arrested in front of his staff, insisting that the last thing he wanted was to "go out of this office in handcuffs".

Madoff's former lieutenant said the two talked about what would happen next and how their families would be affected by the scandal.

Madoff said his wife, Ruth, had assets under her name and asked DiPascali about his children.

“Ruth will be OK,” DiPascali recalled Madoff saying. “Is Joan going to be OK? Are your kids going to be OK?”

When asked about his reaction to Madoff's meltdown, DiPascali said he finally understood “the whole shooting match (was) going right down the toilet" and he would go to jail.

Madoff pleaded guilty to 11 charges of fraud in 2009 and is serving a 150-year prison sentence.

DiPascali has agreed to co-operate with US authorities investigating the case in a bid to shorten his prison sentence.