Tag: Frank DiPascali

Court Rejects Bail for Bernie Madoff's CFO Despite Gov't. Backing

Sometimes cooperating with the Government doesn't pan out the way you thought it would. Bernie Madoff's CFO Frank DiPascali, Jr. learned that the hard way Tuesday.

After pleading guilty to an Information containing ten counts (pdf), carrying a possible sentence of 125 years in prison for which his sentencing guideline range would be life in prison, and agreeing to forfeit $170 billion (with a "b" as the judge pointed out) plus another $250 million, the issue of bail pending sentencing came up. The transcript of Tuesday's hearing is here (pdf).

DiPascali, 52, is cooperating, in hopes of avoiding a life sentence. He worked for Madoff for 30 years and admitted participating in the fraudulent scheme and cooking the books for 20 of them and lying to the SEC in 2006. He saw the light in December, 2008 -- 8 months ago. Since then, he's been a model citizen, reporting almost daily to meet with FBI agents and help them unravel what he and Bernie did. The Government agreed to recommend bail (pdf).

The Judge was having none of it. Not because he wanted to punish DiPascali, but because he doesn't trust the fraudster or his recent conversion to Truth, Justice and the American Way. [More...]

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