Bernie Madoff ruined the fortunes of thousands and rocked the financial world, easily claiming the title of Jerk of the Year. But he couldn’t have done it alone, and now federal prosecutors are going after his lackeys and co-conspirators. Frank DiPascali, Madoff’s chief financial officer will reportedly plead guilty tomorrow for his part in the immense Madoff schemes.
Federal prosecutors say they expect Frank DiPascali, the longtime chief financial officer for the disgraced money manager Bernard L. Madoff, to plead guilty next week to unspecified charges.
In a letter to a federal judge in Manhattan dated Friday, the prosecutors said Mr. DiPascali had agreed to enter a plea on Tuesday. His lawyer declined comment.
Earlier Friday, prosecutors had notified the court they intended to charge Mr. DiPascali. Such a notification usually indicates a plea deal is at hand and suggested that Mr. DiPascali could be cooperating in the investigation of Mr. Madoff’s immense Ponzi scheme.
Mr. Madoff, 71, pleaded guilty earlier this year to charges that his investment advisory business was a multibillion-dollar Ponzi scheme run at least since the early 1990s.
The fraud demolished the life savings of thousands of people, wrecked charities and shook confidence in the financial system. Mr. Madoff was sentenced in June to 150 years in prison.