Thursday, 2 July 2015
Last updated 1 hour ago
Nov 20 2009 | 1:00pm ET
The CFO of Bernard Madoff’s $65 billion Ponzi scheme may have lost his bid to get out of prison, but he’s on the move anyway.
Frank DiPascali, who pleaded guilty to 10 counts of conspiracy, fraud and money laundering in August and is cooperating with prosecutors, was moved from the Metropolitan Detention Center in lower Manhattan to a suburban New York jail this week, the Federal Bureau of Prisons said.
DiPascali is now being held at the Westchester County Jail, north of the city. While the Westchester jail is a county facility, it sometimes houses federal inmates. DiPascali remains in federal custody.
It is unclear why DiPascali has been moved. Last month, a federal judge rejected his bail application—despite the support of the prosecutors he’s assisting—on the grounds that he is a flight risk. DiPascali faces up to 125 years in prison at his sentencing in the spring.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…