Madoff's right-hand man is jailed for role in $65bn fraud
Wednesday 12 August 2009
Frank DiPascali, Bernard Madoff's right-hand man for 33 years, was jailed last night after admitting that he faked thousands of documents and lied to regulators to help his boss perpetrate the largest fraud in history.
In a Manhattan courthouse he claimed that he wasn't the only one who knew what Madoff was up to, and he promised to help prosecutors launch criminal cases against others – something he said would be more useful to thousands of victims than any apology. "I was loyal to him," DiPascali said. "I ended up being loyal to a terrible, terrible fault ... I don't know how I went from an 18-year-old kid who just happened to have a job to someone standing before you today."
Even the government argued that DiPascali should remain free on bail while he assists the investigation, but Judge Richard Sullivan ignored the recommendation and sent the 52-year-old straight to jail. DiPascali entered guilty pleas on 10 counts ranging from securities and investment adviser fraud to money laundering, tax evasion, perjury and falsifying records. Together, they carry a maximum prison sentence of 125 years.
Madoff is already serving 150 years in prison, but has been stonewalling investigators, claiming he acted alone. But yesterday DiPascali said: "There was a simple fact that Bernie Madoff knew, that I knew and other people knew. It was all fake. It was all fiction." Some $65bn (£39bn) that Madoff's investors believed they had in their accounts was in fact never there. Many have lost all their savings. "I know my apology means almost nothing," he said. "But I hope my actions going forward with the government will mean something."
- 1 UK's biggest male rape charity Survivors UK has state funding slashed to zero despite 120% rise in men reporting sexual violence and seeking help
- 2 'Don't blame all men for rape' campaign backfires spectacularly
- 3 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 4 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 5 Charlie Charlie Challenge explained: not a Mexican demon being summoned — it's gravity
UK's biggest male rape charity Survivors UK has state funding slashed to zero despite 120% rise in men reporting sexual violence and seeking help
Iran launches anti-Isis cartoon competition 'to expose true nature of Islamic State'
Priest warns pupils the 'Charlie Charlie Challenge' is 'demonic activity'
Tinder and Grindr dating apps blamed for surge in cases of HIV, syphilis and other STDs
Fifa corruption arrests: Sepp Blatter 'quite relaxed' and confident he is 'not involved'
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
The day that Britain resigned as a global power
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
A nation of inequality: How the UK is failing to feed its most vulnerable people
Australian man punched in the face for defending Muslim women from abuse on train
EU referendum: David Cameron to deny EU migrants and under-18s the chance to vote
iJobs Money & Business
£20000 - £25000 per annum + OTE £45K YR1: SThree: At SThree, we like to be dif...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...
£16 - 20k: Guru Careers: A Graduate Editor / Editorial Assistant is needed to ...