Friday, 24 June 2016
Last updated 17 min ago
Aug 17 2009 | 2:58am ET
Frank DiPascali, the former CFO of Bernard Madoff’s investment advisory business, isn’t naming names for nothing.
DiPascali, who last week pleaded guilty to conspiracy, fraud, money laundering, perjury and tax evasion charges stemming from his role in Madoff’s $65 billion Ponzi scheme, is cooperating with authorities, and may help them build their cases against other potential Madoff accomplices. In return, he won’t face criminal drug or firearms charges, according to his plea agreement.
In exchange for his help, DiPascali gets a free pass for drug use before 1992 and possession of unlicensed or unregistered firearms prior to Aug. 7. He also won’t be charged with any other personal-tax crimes related to his tax filings from 2002 through 2007.
DiPascali also hopes his cooperation will win him a lesser sentenced when it is pronounced next year. He currently faces 125 years in prison.
At a court hearing on Tuesday, DiPascali, who worked for Madoff for more than three decades, said the investment advisory business “was all fake,” and that “no trades were happening.”