Tuesday, 29 July 2014
Last updated 13 hours 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…