Key Madoff Aide DiPascali Pleads Guilty To 10 Counts In Ponzi Scheme That Began 20+ Years Ago; Bond Denied
Frank DiPascali, Jr., has pleaded guilty to 10 felonies before Federal District Court Judge Richard J. Sullivan in Manhattan stemming from the Madoff Ponzi Scheme.
DiPascali admitted that he and “other people” helped Madoff maintain the fraud.
DiPascali told the court, “No purchases or sales of securities were actually taking place in their accounts.”
He added, “It was all fake. It was all fictitious. It was wrong, and I knew it was wrong at the time.”
DiPascali pledged that he would cooperate with the authorities and “dedicate all my energy to trying to explain to others how this happened.”
Although the government recommended that DiPascali be released on a $2.5 million bond, Judge Sullivan ordered him jailed, and he was led out of court in handcuffs.
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