Madoff Lieutenant Moved To Suburban Jail

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.


In Depth

Creating An Offshore Hedge Fund Dream Team: The Seven Key Players

Jun 26 2015 | 6:47am ET

If you want to set up an offshore hedge fund, like any great team, you’re only...

Lifestyle

Hedgies Set to Compete in Wall Street Decathlon

Jun 8 2015 | 12:37am ET

The Wall Street Decathlon — a 10-event physical challenge that will crown “Wall...

Guest Contributor

6 Essential Principles To Balance Your Investment Risk

Jun 26 2015 | 10:07am ET

In this article, financial expert Greg Silberman explores how to hedge a private...

 

Editor's Note